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FR First Industrial Realty Trust Inc

53.75

1.06 (2.01%)

23 Nov 2024 - Closed

Delayed by 15 minutes

Form 10-Q - Quarterly report [Sections 13 or 15(d)]

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_______________________________

Form 10-Q

_______________________________


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2024

or


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 1-13102 (First Industrial Realty Trust, Inc.)

333-21873 (First Industrial, L.P.)

_______________________________

FIRST INDUSTRIAL REALTY TRUST, INC.

FIRST INDUSTRIAL, L.P.

(Exact name of Registrant as specified in its Charter)

First Industrial Realty Trust, Inc.

Maryland

36-3935116

First Industrial, L.P.

Delaware

36-3924586

(State or other jurisdiction of
incorporation or organization)

(I.R.S. Employer
Identification No.)

One North Wacker Drive, Suite 4200

Chicago, Illinois, 60606

(Address of principal executive offices, zip code)

(312) 344-4300

(Registrant's telephone number, including area code)

_______________________________

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $.01 per share

FR

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

First Industrial Realty Trust, Inc.

Yes

☑

No

☐

First Industrial, L.P.

Yes

☑

No

☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

First Industrial Realty Trust, Inc.

Yes

☑

No

☐

First Industrial, L.P.

Yes

☑

No

☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):

First Industrial Realty Trust, Inc.:

Large accelerated filer

☑

Accelerated filer

☐

Non-accelerated filer

☐

(Do not check if a smaller reporting company)

Smaller reporting company

☐

Emerging growth company

☐

First Industrial, L.P.:

Large accelerated filer

☐

Accelerated filer

☑

Non-accelerated filer

☐

(Do not check if a smaller reporting company)

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

First Industrial Realty Trust, Inc.

Yes

☐

No

☐

First Industrial, L.P.

Yes

☐

No

☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

First Industrial Realty Trust, Inc.

Yes

☐

No

☑

First Industrial, L.P.

Yes

☐

No

☑

At October 18, 2024, 132,348,500 shares of First Industrial Realty Trust, Inc.'s Common Stock, $0.01 par value, were outstanding.

EXPLANATORY NOTE

This report combines the Quarterly Reports on Form 10-Q for the period ended September 30, 2024 of First Industrial Realty Trust, Inc., a Maryland corporation (the "Company"), and First Industrial, L.P., a Delaware limited partnership (the "Operating Partnership"). Unless stated otherwise or the context otherwise requires, the terms "we," "our" and "us" refer to the Company and its subsidiaries, including the Operating Partnership and its consolidated subsidiaries.

The Company is a real estate investment trust and the general partner of the Operating Partnership. At September 30, 2024, the Company owned an approximate 97.3% common general partnership interest in the Operating Partnership. The remaining approximate 2.7% common limited partnership interests in the Operating Partnership are owned by limited partners. The limited partners of the Operating Partnership primarily include persons or entities who contributed their direct or indirect interests in properties to the Operating Partnership in exchange for limited partnership interests in the Operating Partnership and recipients of RLP Units (as defined in Note 6 to the Consolidated Financial Statements) of the Operating Partnership pursuant to the Company's stock incentive plan. As the sole general partner of the Operating Partnership, the Company exercises exclusive and complete discretion over the Operating Partnership's day-to-day management and control and can cause it to enter into certain major transactions, including acquisitions, dispositions and refinancings. The management of the Company consists of the same members as the management of the Operating Partnership.

The Company and the Operating Partnership are managed and operated as one enterprise. The financial results of the Operating Partnership are consolidated into the financial statements of the Company. The Company has no significant assets other than its investment in the Operating Partnership. Substantially all of the Company's assets are held by, and its operations are conducted through, the Operating Partnership and its subsidiaries. Therefore, the assets and liabilities of the Company and the Operating Partnership are substantially the same.

We believe it is important to understand the differences between the Company and the Operating Partnership in the context of how the Company and the Operating Partnership operate as an interrelated, consolidated company. The main areas of difference between the Consolidated Financial Statements of the Company and those of the Operating Partnership are:

•Equity, Noncontrolling Interest and Partners' Capital. The 2.7% equity interest in the Operating Partnership held by persons or entities other than the Company is classified as limited partners units in the Operating Partnership's financial statements and as a noncontrolling interest in the Company's financial statements.

•Relationship to Other Real Estate Partnerships. The Company's operations are conducted primarily through the Operating Partnership and its subsidiaries, although operations are also conducted through several 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 several separate wholly-owned corporations, in each of the Other Real Estate Partnerships. The Other Real Estate Partnerships are variable interest entities that both the Company and the Operating Partnership consolidate. The Company's direct general partnership interest in the Other Real Estate Partnerships is reflected as noncontrolling interest within the Operating Partnership's financial statements.

•Relationship to Service Subsidiary. The Company has a direct wholly-owned subsidiary that does not own any real estate but provides services to various other entities owned by the Company. Since the Operating Partnership does not have an ownership interest in this entity, its operations are reflected in the consolidated results of the Company but not the Operating Partnership. Also, this entity owes certain amounts to the Operating Partnership, for which a receivable is included on the Operating Partnership's balance sheet but is eliminated on the Company's Consolidated Balance Sheet, since both this entity and the Operating Partnership are fully consolidated by the Company.

We believe combining the Company's and Operating Partnership's quarterly reports into this single report results in the following benefits:

•enhances investors' understanding of the Company and the Operating Partnership by enabling them to view the business as a whole and in the same manner as management views and operates the business;

•creates time and cost efficiencies through the preparation of one combined report instead of two separate reports; and

•eliminates duplicative disclosures and provides a more streamlined and readable presentation since a substantial portion of the Company's disclosure applies to both the Company and the Operating Partnership.

To help investors understand the differences between the Company and the Operating Partnership, this report provides the following disclosures for each of the Company and the Operating Partnership:

•Consolidated Financial Statements;

•a single set of consolidated notes to such financial statements that includes separate discussions of each entity's equity or partners' capital, as applicable; and

•a combined Management's Discussion and Analysis of Financial Condition and Results of Operations section that includes distinct information related to each entity.

This report also includes separate Part I, Item 4, Controls and Procedures sections and separate Exhibit 31 and 32 certifications for the Company and the Operating Partnership in order to establish that the requisite certifications have been made and that the Company and the Operating Partnership are both compliant with Rule 13a-15 and Rule 15d-15 of the Securities Exchange Act of 1934, as amended, and 18 U.S.C. §1350.

FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.

FORM 10-Q

FOR THE PERIOD ENDED SEPTEMBER 30, 2024

INDEX


						Page
PART I: FINANCIAL INFORMATION						3
Item 1.			Financial Statements			3
			First Industrial Realty Trust, Inc.
			Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023			3
			Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2024 and 2023			4
			Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2024 and 2023			5
			Consolidated Statements of Changes in Equity for the Three and Nine Months Ended September 30, 2024 and 2023			6
			Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2024 and 2023			8
			First Industrial, L.P.
			Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023			10
			Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2024 and 2023			11
			Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2024 and 2023			12
			Consolidated Statements of Changes in Partners' Capital for the Three and Nine Months Ended September 30, 2024 and 2023			13
			Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2024 and 2023			15
			First Industrial Realty Trust, Inc. and First Industrial, L.P.
			Notes to the Consolidated Financial Statements			17
			1. Organization			17
			2. Summary of Significant Accounting Policies			18
			3. Investment in Real Estate			19
			4. Indebtedness			20
			5. Variable Interest Entities			22
			6. Equity of the Company and Partners' Capital of the Operating Partnership			24
			7. Accumulated Other Comprehensive Income			25
			8. Earnings Per Share and Earnings Per Unit ("EPS"/"EPU")			26
			9. Long-Term Compensation			27
			10. Derivative Instruments			28
			11. Related Party Transactions			29
			12. Commitments and Contingencies			29
			13. Subsequent Events			29
Item 2.			Management's Discussion and Analysis of Financial Condition and Results of Operations			30
Item 3.			Quantitative and Qualitative Disclosures About Market Risk			46
Item 4.			Controls and Procedures			46
PART II: OTHER INFORMATION						47
Item 1.			Legal Proceedings			47
Item 1A.			Risk Factors			47
Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds			47
Item 3.			Defaults Upon Senior Securities			47
Item 4.			Mine Safety Disclosures			47
Item 5.			Other Information			47
Item 6.			Exhibits			47
EXHIBIT INDEX						48
SIGNATURES						49

2

PART I: FINANCIAL INFORMATION


Item 1.			Financial Statements

FIRST INDUSTRIAL REALTY TRUST, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per share data)


			September 30, 2024						December 31, 2023
			(Unaudited)
ASSETS
Assets:
Investment in Real Estate:
Land			$	1,761,864					$	1,756,971
Buildings and Improvements			3,887,377						3,711,718
Construction in Progress			118,597						245,391
Less: Accumulated Depreciation			(1,062,272)						(1,009,335)
Net Investment in Real Estate			4,705,566						4,704,745
Real Estate and Other Assets Held for Sale, Net of Accumulated Depreciation and Amortization of $4,020 and $—			4,426						—
Operating Lease Right-of-Use Assets			19,896						24,211
Cash and Cash Equivalents			47,123						43,844
Restricted Cash			8,066						—
Tenant Accounts Receivable			5,526						10,993
Investment in Joint Venture			49,104						44,663
Deferred Rent Receivable			154,485						144,033

Prepaid Expenses and Other Assets, Net			206,328						203,276
Total Assets			$	5,200,520					$	5,175,765
LIABILITIES AND EQUITY
Liabilities:
Indebtedness:
Mortgage Loan Payable			$	9,728					$	9,978
Senior Unsecured Notes, Net			995,004						994,463
Unsecured Term Loans, Net			922,073						920,863
Unsecured Credit Facility			248,000						299,000
Accounts Payable, Accrued Expenses and Other Liabilities			142,875						143,429
Operating Lease Liabilities			17,652						21,992

Rents Received in Advance and Security Deposits			102,428						106,734

Dividends and Distributions Payable			50,970						44,201
Total Liabilities			2,488,730						2,540,660
Commitments and Contingencies (see Note 12)
Equity:
First Industrial Realty Trust Inc.'s Equity:
Common Stock ($0.01 par value, 225,000,000 shares authorized and 132,348,500 and 132,289,039 shares issued and outstanding)			1,323						1,323
Additional Paid-in Capital			2,421,738						2,411,673
Retained Earnings			199,713						127,707
Accumulated Other Comprehensive Income			9,633						22,272
Total First Industrial Realty Trust, Inc.'s Equity			2,632,407						2,562,975
Noncontrolling Interests			79,383						72,130
Total Equity			2,711,790						2,635,105
Total Liabilities and Equity			$	5,200,520					$	5,175,765

The accompanying notes are an integral part of the consolidated financial statements.

3

FIRST INDUSTRIAL REALTY TRUST, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited; in thousands, except per share data)


			Three Months Ended September 30, 2024						Three Months Ended September 30, 2023						Nine Months Ended September 30, 2024						Nine Months Ended September 30, 2023
Revenues:
Lease Revenue			$	165,909					$	152,517					$	487,719					$	448,073
Joint Venture Fees			413						822						1,686						3,738
Other Revenue			1,323						1,766						4,648						4,940
Total Revenues			167,645						155,105						494,053						456,751
Expenses:
Property Expenses			44,884						42,559						134,949						124,498
General and Administrative			9,230						8,456						30,632						27,330

Joint Venture Development Services Expense			208						559						1,005						2,690
Depreciation and Other Amortization			43,515						41,146						128,382						121,508
Total Expenses			97,837						92,720						294,968						276,026
Other Income (Expense):
Gain on Sale of Real Estate			56,814						34,368						93,801						47,421
Interest Expense			(20,836)						(19,906)						(62,859)						(53,923)
Amortization of Debt Issuance Costs			(911)						(905)						(2,735)						(2,714)


Total Other Income (Expense)			35,067						13,557						28,207						(9,216)
Income from Operations Before Equity in Income of Joint Venture and Income Tax Provision			104,875						75,942						227,292						171,509
Equity in Income of Joint Venture			599						1,530						3,161						30,598
Income Tax Provision			(3,301)						(333)						(4,906)						(7,959)
Net Income			102,173						77,139						225,547						194,148
Less: Net Income Attributable to the Noncontrolling Interests			(2,810)						(2,127)						(6,414)						(8,533)
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities			$	99,363					$	75,012					$	219,133					$	185,615
Net Income Allocable to Participating Securities			(76)						(74)						(162)						(174)
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders			$	99,287					$	74,938					$	218,971					$	185,441
Basic and Diluted Earnings Per Share:
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders			$	0.75					$	0.57					$	1.65					$	1.40



Weighted Average Shares Outstanding - Basic			132,370						132,264						132,366						132,241
Weighted Average Shares Outstanding - Diluted			132,421						132,339						132,409						132,325

The accompanying notes are an integral part of the consolidated financial statements.

4

FIRST INDUSTRIAL REALTY TRUST, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited; in thousands)


			Three Months Ended September 30, 2024						Three Months Ended September 30, 2023						Nine Months Ended September 30, 2024						Nine Months Ended September 30, 2023
Net Income			$	102,173					$	77,139					$	225,547					$	194,148


Mark-to-Market (Loss) Gain on Derivative Instruments			(22,731)						7,536						(13,251)						12,352
Amortization of Derivative Instruments			103						103						308						308
Comprehensive Income			79,545						84,778						212,604						206,808
Comprehensive Income Attributable to Noncontrolling Interests			(2,205)						(2,319)						(6,068)						(8,851)
Comprehensive Income Attributable to First Industrial Realty Trust, Inc.			$	77,340					$	82,459					$	206,536					$	197,957

The accompanying notes are an integral part of the consolidated financial statements.

5

FIRST INDUSTRIAL REALTY TRUST, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(Unaudited; in thousands, except per share data)


Nine Months Ended September 30, 2024:			Common Stock						Additional Paid-in Capital						Retained Earnings						Accumulated Other Comprehensive Income (Loss)						Noncontrolling Interests						Total
Balance as of December 31, 2023			$	1,323					$	2,411,673					$	127,707					$	22,272					$	72,130					$	2,635,105
Net Income			—						—						68,452						—						2,046						70,498
Other Comprehensive Income			—						—						—						10,146						277						10,423

Stock Based Compensation Activity			—						(323)						(6)						—						8,003						7,674
Common Stock Dividends and Unit Distributions ($0.37 Per Share/Unit)			—						—						(49,049)						—						(1,260)						(50,309)
Conversion of Limited Partner Units to Common Stock			—						7						—						—						(7)						—
Retirement of Limited Partner Units			—						—						—						—						(25)						(25)

Distributions to Noncontrolling Interests			—						—						—						—						(98)						(98)
Reallocation - Additional Paid-in Capital			—						3,007						—						—						(3,007)						—
Reallocation - Other Comprehensive Income			—						—						—						(44)						44						—
Balance as of March 31, 2024			$	1,323					$	2,414,364					$	147,104					$	32,374					$	78,103					$	2,673,268
Net Income			—						—						51,318						—						1,558						52,876
Other Comprehensive Loss			—						—						—						(720)						(18)						(738)

Stock Based Compensation Activity			—						1,131						—						—						2,735						3,866
Common Stock Dividends and Unit Distributions ($0.37 Per Share/Unit)			—						—						(49,009)						—						(1,039)						(50,048)



Distributions to Noncontrolling Interests			—						—						—						—						(45)						(45)
Reallocation - Additional Paid-in Capital			—						2,737						—						—						(2,737)						—
Reallocation - Other Comprehensive Income			—						—						—						(1)						1						—
Balance as of June 30, 2024			$	1,323					$	2,418,232					$	149,413					$	31,653					$	78,558					$	2,679,179
Net Income			—						—						99,363						—						2,810						102,173
Other Comprehensive Loss			—						—						—						(22,023)						(605)						(22,628)

Stock Based Compensation Activity			—						906						—						—						2,641						3,547
Common Stock Dividends and Unit Distributions ($0.37 Per Share/Unit)			—						—						(49,063)						—						(1,339)						(50,402)
Conversion of Limited Partner Units to Common Stock			—						55						—						—						(55)						—
Retirement of Limited Partner Units			—						—						—						—						(79)						(79)


Reallocation - Additional Paid-in Capital			—						2,545						—						—						(2,545)						—
Reallocation - Other Comprehensive Income			—						—						—						3						(3)						—
Balance as of September 30, 2024			$	1,323					$	2,421,738					$	199,713					$	9,633					$	79,383					$	2,711,790

6

FIRST INDUSTRIAL REALTY TRUST, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Continued)

(Unaudited; in thousands, except per share data)


Nine Months Ended September 30, 2023:			Common Stock						Additional Paid-in Capital						Retained Earnings						Accumulated Other Comprehensive Income (Loss)						Noncontrolling Interests						Total
Balance as of December 31, 2022			$	1,321					$	2,401,334					$	23,131					$	33,412					$	71,101					$	2,530,299
Net Income			—						—						55,967						—						4,808						60,775
Other Comprehensive Loss			—						—						—						(12,592)						(326)						(12,918)

Stock Based Compensation Activity			1						(412)						(710)						—						5,748						4,627
Common Stock Dividends and Unit Distributions ($0.32 Per Share/Unit)			—						—						(42,401)						—						(1,059)						(43,460)
Conversion of Limited Partner Units to Common Stock			—						513						—						—						(513)						—

Distributions to Noncontrolling Interests			—						—						—						—						(11,358)						(11,358)

Reallocation - Additional Paid-in Capital			—						(1,166)						—						—						1,166						—
Reallocation - Other Comprehensive Income			—						—						—						(88)						88						—
Balance as of March 31, 2023			$	1,322					$	2,400,269					$	35,987					$	20,732					$	69,655					$	2,527,965
Net Income			—						—						54,636						—						1,598						56,234
Other Comprehensive Income			—						—						—						17,487						452						17,939

Stock Based Compensation Activity			1						1,288						(2)						—						1,931						3,218
Common Stock Dividends and Unit Distributions ($0.32 Per Share/Unit)			—						—						(42,404)						—						(1,049)						(43,453)
Conversion of Limited Partner Units to Common Stock			—						151						—						—						(151)						—

Distributions to Noncontrolling Interest			—						—						—						—						(64)						(64)
Reallocation - Additional Paid-in Capital			—						1,689						—						—						(1,689)						—

Balance as of June 30, 2023			$	1,323					$	2,403,397					$	48,217					$	38,219					$	70,683					$	2,561,839
Net Income			—						—						75,012						—						2,127						77,139
Other Comprehensive Income			—						—						—						7,447						192						7,639

Stock Based Compensation Activity			—						1,277						—						—						2,160						3,437
Common Stock Dividends and Unit Distributions ($0.32 Per Share/Unit)			—						—						(42,373)						—						(877)						(43,250)
Conversion of Limited Partner Units to Common Stock			—						396						—						—						(396)						—

Distributions to Noncontrolling Interest			—						—						—						—						(101)						(101)

Reallocation - Additional Paid-in Capital			—						2,278						—						—						(2,278)						—
Reallocation - Other Comprehensive Income			—						—						—						8						(8)						—
Balance as of September 30, 2023			$	1,323					$	2,407,348					$	80,856					$	45,674					$	71,502					$	2,606,703

The accompanying notes are an integral part of the consolidated financial statements.

7


FIRST INDUSTRIAL REALTY TRUST, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited; in thousands)
			Nine Months Ended September 30, 2024						Nine Months Ended September 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income			$	225,547					$	194,148
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Depreciation			104,077						96,808
Amortization of Debt Issuance Costs			2,735						2,714
Other Amortization, Including Equity Based Compensation			27,404						25,136


Equity in Income of Joint Venture			(3,161)						(30,598)
Distributions from the Joint Venture			2,236						6,584
Gain on Sale of Real Estate			(93,801)						(47,421)




Straight-line Rental Income and Expense, Net			(12,151)						(15,891)

Increase in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net			(5,013)						(3,835)

Increase in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits			27,835						12,799

Net Cash Provided by Operating Activities			275,708						240,444
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions of Real Estate			(44,384)						(93,504)
Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs			(159,040)						(280,536)
Net Proceeds from Sales of Investments in Real Estate			135,544						58,440


Contributions to and Investments in Joint Venture			(3,942)						(10,060)



Other Investing Activity			4,317						2,780
Net Cash Used in Investing Activities			(67,505)						(322,880)
CASH FLOWS FROM FINANCING ACTIVITIES:
Financing Issuance Costs			—						(9)


Income Taxes Paid on Vested Equity Compensation			(2,070)						(2,510)
Common Stock Dividends and Unit Distributions Paid			(143,395)						(126,148)

Repayments on Mortgage Loan Payable			(250)						(240)





Proceeds from Unsecured Credit Facility			236,000						278,000
Repayments on Unsecured Credit Facility			(287,000)						(146,000)

Distributions to Noncontrolling Interests			(143)						(11,523)

Net Cash Used in Financing Activities			(196,858)						(8,430)
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash			11,345						(90,866)
Cash, Cash Equivalents and Restricted Cash, Beginning of Year			43,844						145,118
Cash, Cash Equivalents and Restricted Cash, End of Period			$	55,189					$	54,252

8


FIRST INDUSTRIAL REALTY TRUST, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued) (Unaudited; in thousands)
			Nine Months Ended September 30, 2024						Nine Months Ended September 30, 2023
SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS:
Interest Expense Capitalized in Connection with Development Activity			$	6,327					$	11,013
Cash Paid for Operating Lease Liabilities			$	2,608					$	2,501
Supplemental Schedule of Non-Cash Operating Activities:
Operating Lease Liabilities Arising from Obtaining Right-of-Use Assets			$	354					$	661
Supplemental Schedule of Non-Cash Investing and Financing Activities:
Common Stock Dividends and Unit Distributions Payable			$	50,970					$	44,329

Exchange of Limited Partnership Units for Common Stock:
Noncontrolling Interests			$	(62)					$	(1,060)
Common Stock			—						—
Additional Paid-in Capital			62						1,060
Total			$	—					$	—








Assumption of Liabilities in Connection with the Acquisition of Real Estate			$	688					$	351
Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate			$	34,310					$	66,855
Improvements Funded by Tenant			$	—					$	3,366
Write-off of Fully Depreciated Assets			$	(26,543)					$	(21,557)

The accompanying notes are an integral part of the consolidated financial statements.

9

FIRST INDUSTRIAL, L.P.

CONSOLIDATED BALANCE SHEETS

(In thousands, except Unit data)


			September 30, 2024						December 31, 2023
			(Unaudited)
ASSETS
Assets:
Investment in Real Estate:
Land			$	1,761,864					$	1,756,971
Buildings and Improvements			3,887,377						3,711,718
Construction in Progress			118,597						245,391
Less: Accumulated Depreciation			(1,062,272)						(1,009,335)
Net Investment in Real Estate (including $296,549 and $302,869 related to consolidated variable interest entities, see Note 5)			4,705,566						4,704,745
Real Estate and Other Assets Held for Sale, Net of Accumulated Depreciation and Amortization of $4,020 and $—			4,426						—
Operating Lease Right-of-Use Assets			19,896						24,211
Cash and Cash Equivalents			47,123						43,844
Restricted Cash			8,066						—
Tenant Accounts Receivable			5,526						10,993
Investment in Joint Venture			49,104						44,663
Deferred Rent Receivable			154,485						144,033

Prepaid Expenses and Other Assets, Net			215,574						212,559
Total Assets			$	5,209,766					$	5,185,048
LIABILITIES AND PARTNERS' CAPITAL
Liabilities:
Indebtedness:
Mortgage Loan Payable			$	9,728					$	9,978
Senior Unsecured Notes, Net			995,004						994,463
Unsecured Term Loans, Net			922,073						920,863
Unsecured Credit Facility			248,000						299,000
Accounts Payable, Accrued Expenses and Other Liabilities			142,875						143,429
Operating Lease Liabilities			17,652						21,992

Rents Received in Advance and Security Deposits			102,428						106,734

Distributions Payable			50,970						44,201
Total Liabilities			2,488,730						2,540,660
Commitments and Contingencies (see Note 12)
Partners' Capital:
First Industrial, L.P.'s Partners' Capital:
General Partner Units (132,348,500 and 132,289,039 units outstanding)			2,578,826						2,505,150
Limited Partners Units (3,641,548 and 3,378,165 units outstanding)			124,596						109,003
Accumulated Other Comprehensive Income			9,899						22,842
Total First Industrial L.P.'s Partners' Capital			2,713,321						2,636,995
Noncontrolling Interests			7,715						7,393
Total Partners' Capital			2,721,036						2,644,388
Total Liabilities and Partners' Capital			$	5,209,766					$	5,185,048

The accompanying notes are an integral part of the consolidated financial statements.

10

FIRST INDUSTRIAL, L.P.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited; in thousands, except per Unit data)


			Three Months Ended September 30, 2024						Three Months Ended September 30, 2023						Nine Months Ended September 30, 2024						Nine Months Ended September 30, 2023
Revenues:
Lease Revenue			$	165,909					$	152,517					$	487,719					$	448,073
Joint Venture Fees			413						822						1,686						3,738
Other Revenue			1,323						1,766						4,648						4,940
Total Revenues			167,645						155,105						494,053						456,751
Expenses:
Property Expenses			44,884						42,559						134,949						124,498
General and Administrative			9,230						8,456						30,632						27,330

Joint Venture Development Services Expense			208						559						1,005						2,690
Depreciation and Other Amortization			43,515						41,146						128,382						121,508
Total Expenses			97,837						92,720						294,968						276,026
Other Income (Expense):
Gain on Sale of Real Estate			56,814						34,368						93,801						47,421
Interest Expense			(20,836)						(19,906)						(62,859)						(53,923)
Amortization of Debt Issuance Costs			(911)						(905)						(2,735)						(2,714)


Total Other Income (Expense)			35,067						13,557						28,207						(9,216)
Income from Operations Before Equity in Income of Joint Venture and Income Tax Provision			104,875						75,942						227,292						171,509
Equity in Income of Joint Venture			599						1,530						3,161						30,598
Income Tax Provision			(3,301)						(333)						(4,906)						(7,959)
Net Income			102,173						77,139						225,547						194,148
Less: Net Income Attributable to the Noncontrolling Interests			(108)						(222)						(502)						(3,814)
Net Income Available to Unitholders and Participating Securities			$	102,065					$	76,917					$	225,045					$	190,334
Net Income Allocable to Participating Securities			(201)						(199)						(439)						(478)
Net Income Available to Unitholders			$	101,864					$	76,718					$	224,606					$	189,856
Basic Earnings Per Unit:
Net Income Available to Unitholders			$	0.75					$	0.57					$	1.66					$	1.41
Diluted Earnings Per Unit:
Net Income Available to Unitholders			$	0.75					$	0.57					$	1.66					$	1.40

Weighted Average Units Outstanding - Basic			135,099						134,704						135,088						134,697
Weighted Average Units Outstanding - Diluted			135,474						135,166						135,391						135,214

The accompanying notes are an integral part of the consolidated financial statements.

11

FIRST INDUSTRIAL, L.P.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited; in thousands)


			Three Months Ended September 30, 2024						Three Months Ended September 30, 2023						Nine Months Ended September 30, 2024						Nine Months Ended September 30, 2023
Net Income			$	102,173					$	77,139					$	225,547					$	194,148


Mark-to-Market (Loss) Gain on Derivative Instruments			(22,731)						7,536						(13,251)						12,352
Amortization of Derivative Instruments			103						103						308						308
Comprehensive Income			79,545						84,778						212,604						206,808
Comprehensive Income Attributable to Noncontrolling Interests			(108)						(222)						(502)						(3,814)
Comprehensive Income Attributable to Unitholders			$	79,437					$	84,556					$	212,102					$	202,994

The accompanying notes are an integral part of the consolidated financial statements.

12

FIRST INDUSTRIAL, L.P.

CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL

(Unaudited; in thousands, except per Unit data)


Nine Months Ended September 30, 2024:			General Partner Units						Limited Partner Units						Accumulated Other Comprehensive Income (Loss)						Noncontrolling Interests						Total
Balance as of December 31, 2023			$	2,505,150					$	109,003					$	22,842					$	7,393					$	2,644,388
Net Income			68,404						1,871						—						223						70,498
Other Comprehensive Income			—						—						10,423						—						10,423

Stock Based Compensation Activity			(329)						8,003						—						—						7,674
Unit Distributions ($0.37 Per Unit)			(49,049)						(1,260)						—						—						(50,309)
Conversion of Limited Partner Units to General Partner Units			7						(7)						—						—						—
Retirement of Limited Partner Units			—						(25)						—						—						(25)
Contributions from Noncontrolling Interests			—						—						—						5						5
Distributions to Noncontrolling Interests			—						—						—						(113)						(113)
Balance as of March 31, 2024			$	2,524,183					$	117,585					$	33,265					$	7,508					$	2,682,541
Net Income			51,291						1,414						—						171						52,876
Other Comprehensive Loss			—						—						(738)						—						(738)

Stock Based Compensation Activity			1,131						2,735						—						—						3,866
Unit Distributions ($0.37 Per Unit)			(49,009)						(1,039)						—						—						(50,048)


Contributions from Noncontrolling Interests			—						—						—						9						9
Distributions to Noncontrolling Interests			—						—						—						(68)						(68)
Balance as of June 30, 2024			$	2,527,596					$	120,695					$	32,527					$	7,620					$	2,688,438
Net Income			99,332						2,733						—						108						102,173
Other Comprehensive Loss			—						—						(22,628)						—						(22,628)

Stock Based Compensation Activity			906						2,641						—						—						3,547
Unit Distributions ($0.37 Per Unit)			(49,063)						(1,339)						—						—						(50,402)
Conversion of Limited Partner Units to General Partner Units			55						(55)						—						—						—
Retirement of Limited Partner Units			—						(79)						—						—						(79)
Contributions from Noncontrolling Interests			—						—						—						17						17
Distributions to Noncontrolling Interests			—						—						—						(30)						(30)
Balance as of September 30, 2024			$	2,578,826					$	124,596					$	9,899					$	7,715					$	2,721,036

13

FIRST INDUSTRIAL, L.P.

CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (Continued)

(Unaudited; in thousands, except per Unit data)


Nine Months Ended September 30, 2023:			General Partner Units						Limited Partner Units						Accumulated Other Comprehensive Income (Loss)						Noncontrolling Interests						Total
Balance as of December 31, 2022			$	2,395,601					$	95,015					$	34,186					$	14,778					$	2,539,580
Net Income			55,947						1,447						—						3,381						60,775
Other Comprehensive Loss			—						—						(12,918)						—						(12,918)

Stock Based Compensation Activity			(1,121)						5,748						—						—						4,627
Unit Distributions ($0.32 Per Unit)			(42,401)						(1,059)						—						—						(43,460)
Conversion of Limited Partner Units to General Partner Units			513						(513)						—						—						—

Contributions from Noncontrolling Interests			—						—						—						1						1
Distributions to Noncontrolling Interests			—						—						—						(11,359)						(11,359)
Balance as of March 31, 2023			$	2,408,539					$	100,638					$	21,268					$	6,801					$	2,537,246
Net Income			54,613						1,410						—						211						56,234
Other Comprehensive Income			—						—						17,939						—						17,939

Stock Based Compensation Activity			1,287						1,931						—						—						3,218
Unit Distributions ($0.32 Per Unit)			(42,404)						(1,049)						—						—						(43,453)
Conversion of Limited Partner Units to General Partner Units			151						(151)						—						—						—

Contributions from Noncontrolling Interests			—						—						—						2						2
Distributions to Noncontrolling Interests			—						—						—						(69)						(69)
Balance as of June 30, 2023			$	2,422,186					$	102,779					$	39,207					$	6,945					$	2,571,117
Net Income			74,986						1,931						—						222						77,139
Other Comprehensive Income			—						—						7,639						—						7,639

Stock Based Compensation Activity			1,277						2,160						—						—						3,437
Unit Distributions ($0.32 Per Unit)			(42,373)						(877)						—						—						(43,250)
Conversion of Limited Partner Units to General Partner Units			396						(396)						—						—						—

Contributions from Noncontrolling Interests			—						—						—						24						24
Distributions to Noncontrolling Interests			—						—						—						(106)						(106)
Balance as of September 30, 2023			$	2,456,472					$	105,597					$	46,846					$	7,085					$	2,616,000

The accompanying notes are an integral part of the consolidated financial statements.

14


FIRST INDUSTRIAL, L.P. CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited; in thousands)
			Nine Months Ended September 30, 2024						Nine Months Ended September 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income			$	225,547					$	194,148
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Depreciation			104,077						96,808
Amortization of Debt Issuance Costs			2,735						2,714
Other Amortization, Including Equity Based Compensation			27,404						25,136


Equity in Income of Joint Venture			(3,161)						(30,598)
Distributions from the Joint Venture			2,236						6,584
Gain on Sale of Real Estate			(93,801)						(47,421)




Straight-line Rental Income and Expense, Net			(12,151)						(15,891)

Increase in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net			(4,976)						(3,851)

Increase in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits			27,835						12,799

Net Cash Provided by Operating Activities			275,745						240,428
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions of Real Estate			(44,384)						(93,504)
Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs			(159,040)						(280,536)
Net Proceeds from Sales of Investments in Real Estate			135,544						58,440


Contributions to and Investments in the Joint Venture			(3,942)						(10,060)



Other Investing Activity			4,317						2,780
Net Cash Used in Investing Activities			(67,505)						(322,880)
CASH FLOWS FROM FINANCING ACTIVITIES:

Financing Issuance Costs			—						(9)




Income Taxes Paid on Vested Equity Compensation			(2,070)						(2,510)
Unit Distributions Paid			(143,395)						(126,148)

Contributions from Noncontrolling Interests			31						27
Distributions to Noncontrolling Interests			(211)						(11,534)
Repayments on Mortgage Loan Payable			(250)						(240)




Proceeds from Unsecured Credit Facility			236,000						278,000
Repayments on Unsecured Credit Facility			(287,000)						(146,000)

Net Cash Used in Financing Activities			(196,895)						(8,414)
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash			11,345						(90,866)
Cash, Cash Equivalents and Restricted Cash, Beginning of Year			43,844						145,118
Cash, Cash Equivalents and Restricted Cash, End of Period			$	55,189					$	54,252

15


FIRST INDUSTRIAL, L.P. CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued) (Unaudited; in thousands)
			Nine Months Ended September 30, 2024						Nine Months Ended September 30, 2023
SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS:
Interest Expense Capitalized in Connection with Development Activity			$	6,327					$	11,013
Cash Paid for Operating Lease Liabilities			$	2,608					$	2,501
Supplemental Schedule of Non-Cash Operating Activities:
Operating Lease Liabilities Arising from Obtaining Right-of-Use Assets			$	354					$	661
Supplemental Schedule of Non-Cash Investing and Financing Activities:
General and Limited Partner Unit Distributions Payable			$	50,970					$	44,329

Exchange of Limited Partner Units for General Partner Units:
Limited Partner Units			$	(62)					$	(1,060)
General Partner Units			62						1,060
Total			$	—					$	—








Assumption of Liabilities in Connection with the Acquisition of Real Estate			$	688					$	351
Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate			$	34,310					$	66,855
Improvements Funded by Tenant			$	—					$	3,366
Write-off of Fully Depreciated Assets			$	(26,543)					$	(21,557)

The accompanying notes are an integral part of the consolidated financial statements.

16

FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited; dollars in thousands, except per share and Unit data)

1. Organization

First Industrial Realty Trust, Inc. (the "Company") is a self-administered and fully integrated real estate company which owns, manages, acquires, sells, develops and redevelops industrial real estate. The Company is a Maryland corporation organized on August 10, 1993 and a real estate investment trust ("REIT") as defined in the Internal Revenue Code of 1986 (the "Code"). Unless stated otherwise or the context otherwise requires, the terms "we," "our" and "us" refer to the Company and its subsidiaries, including its operating partnership, First Industrial, L.P. (the "Operating Partnership"), and its consolidated subsidiaries.

We began operations on July 1, 1994. The Company's operations are conducted primarily through the Operating Partnership, of which the Company is the sole general partner (the "General Partner"), with an approximate 97.3% ownership interest ("General Partner Units") at September 30, 2024. The Operating Partnership also conducts operations through several other limited partnerships (the "Other Real Estate Partnerships"), numerous limited liability companies ("LLCs") and certain taxable REIT subsidiaries ("TRSs"), the operating data of which, together with that of the Operating Partnership, is consolidated with that of the Company as presented herein. The Operating Partnership holds at least a 99% limited partnership interest in each of the Other Real Estate Partnerships. The general partners of the Other Real Estate Partnerships are separate corporations, wholly-owned by the Company, each with at least a .01% general partnership interest in the Other Real Estate Partnerships. The Company does not have any significant assets or liabilities other than its investment in the Operating Partnership and its 100% ownership interest in the general partners of the Other Real Estate Partnerships. The Company's noncontrolling interest in the Operating Partnership of approximately 2.7% at September 30, 2024 represents the aggregate partnership interest held by the limited partners thereof ("Limited Partner Units" and together with the General Partner Units, the "Units"). The limited partners of the Operating Partnership are persons or entities who contributed their direct or indirect interests in properties to the Operating Partnership in exchange for common Limited Partner Units of the Operating Partnership and/or recipients of RLP Units of the Operating Partnership (see Note 6) pursuant to the Company's stock incentive plan.

Through a wholly-owned TRS of the Operating Partnership, we own an equity interest in a joint venture (the "Joint Venture"). We also provide various services to the Joint Venture. The Joint Venture is accounted for under the equity method of accounting. The operating data of the Joint Venture is not consolidated with that of the Company or the Operating Partnership as presented herein. See Note 5 for more information related to the Joint Venture.

Profits, losses and distributions of the Operating Partnership, the LLCs, the Other Real Estate Partnerships, the TRSs and the Joint Venture are allocated to the general partner and the limited partners, the members or the shareholders, as applicable, of such entities in accordance with the provisions contained within their respective organizational documents.

As of September 30, 2024, we owned 421 industrial properties located in 19 states, containing an aggregate of approximately 67.7 million square feet of gross leasable area ("GLA"). Of the 421 properties owned on a consolidated basis, none of them are directly owned by the Company.

17

2. Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited interim Consolidated Financial Statements have been prepared in accordance with the accounting policies described in the Consolidated Financial Statements and related notes included in our annual report on Form 10-K for the year ended December 31, 2023 ("2023 Form 10-K") and should be read in conjunction with such Consolidated Financial Statements and related notes. The 2023 year end Consolidated Balance Sheet data included in this Form 10-Q filing was derived from the audited Consolidated Financial Statements in our 2023 Form 10-K, but does not include all disclosures required by accounting principles generally accepted in the United States of America ("GAAP"). The following notes to these interim Consolidated Financial Statements highlight significant changes to the notes included in the December 31, 2023 audited Consolidated Financial Statements included in our 2023 Form 10-K and present interim disclosures as required by the Securities and Exchange Commission.

Use of Estimates

In order to conform with GAAP, in preparation of our Consolidated Financial Statements we are required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of September 30, 2024 and December 31, 2023, and the reported amounts of revenues and expenses for the three and nine months ended September 30, 2024 and 2023. Actual results could differ from those estimates. In our opinion, the accompanying unaudited interim Consolidated Financial Statements reflect all adjustments necessary for a fair statement of our financial position as of September 30, 2024 and December 31, 2023, the results of our operations and comprehensive income for each of the three and nine months ended September 30, 2024 and 2023, and our cash flows for each of the nine months ended September 30, 2024 and 2023. All adjustments are of a normal recurring nature.

Recent Accounting Pronouncements

In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07, "Improvements to Reportable Segment Disclosures" ("ASU 2023-07"). ASU 2023-07 requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within the segment measure of profit or loss. ASU 2023-07 will be applied retrospectively and is effective for annual reporting periods in fiscal years beginning after December 15, 2023, and interim reporting periods in fiscal years beginning after December 31, 2024. We are currently evaluating ASU 2023-07 to determine its impact on our disclosures.

In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU 2023-09"). ASU 2023-09 requires enhanced income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. ASU 2023-09 is effective for annual periods in fiscal years beginning after December 15, 2025, and should be applied either prospectively or retrospectively. We are currently evaluating ASU 2023-09 to determine its impact on our disclosures.

18

3. Investment in Real Estate

Acquisitions

During the nine months ended September 30, 2024, we acquired five industrial properties totaling approximately 0.3 million square feet of GLA. We accounted for the properties as asset acquisitions and capitalized transaction costs to the basis of the acquired assets. The following table summarizes the allocation of the aggregate purchase price, excluding transaction costs, to each major asset class for the industrial properties acquired during the nine months ended September 30, 2024:


Land			$	16,475
Building and Improvements			24,635
In-Place Leases			3,209
Above Market Leases			333
Below Market Leases			(818)
Other Assets			931

Total Purchase Price			$	44,765

Sales

During the nine months ended September 30, 2024, we sold 17 industrial properties totaling approximately 1.0 million square feet of GLA. Gross proceeds from the sales were $138,257 and the gain on sale of real estate attributable to these sales was $93,801.

Real Estate Held for Sale

As of September 30, 2024, we had three industrial properties held for sale totaling approximately 0.2 million square feet of GLA.

19

4. Indebtedness

The following table discloses certain information regarding our indebtedness:


			Outstanding Balance at												Interest Rate at September 30, 2024						Effective Interest Rate at Issuance						Maturity Date
			September 30, 2024						December 31, 2023
Mortgage Loan Payable			$	9,728					$	9,978					4.17%						4.17%						8/1/2028



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						150,000						3.97%						4.23%						7/23/2029
2030 Private Placement Notes			150,000						150,000						3.96%						3.96%						2/15/2030
2030 II Private Placement Notes			100,000						100,000						2.74%						2.74%						9/17/2030
2032 Private Placement Notes			200,000						200,000						2.84%						2.84%						9/17/2032
Subtotal			$	998,571					$	998,571
Unamortized Debt Issuance Costs			(3,526)						(4,062)
Unamortized Discounts			(41)						(46)
Senior Unsecured Notes, Net			$	995,004					$	994,463
Unsecured Term Loans, Gross
2021 Unsecured Term Loan (A)			200,000						200,000						1.85%						N/A						7/7/2026
2022 Unsecured Term Loan (A)			425,000						425,000						3.64%						N/A						10/18/2027
2022 Unsecured Term Loan II (A)(B)			300,000						300,000						4.88%						N/A						8/12/2025
Subtotal			$	925,000					$	925,000
Unamortized Debt Issuance Costs			(2,927)						(4,137)
Unsecured Term Loans, Net			$	922,073					$	920,863
Unsecured Credit Facility (C)			$	248,000					$	299,000					5.71%						N/A						7/7/2025

_______________

(A) The interest rate at September 30, 2024 includes the impact of derivative instruments which effectively convert the variable rate of the debt to a fixed rate. See Note 10.

(B) At our option, we may extend the maturity pursuant to two, one-year extension options, subject to certain conditions.

(C) At our option, we may extend the maturity pursuant to two, six-month extension options, subject to certain conditions. Amounts exclude unamortized debt issuance costs of $1,043 and $2,036 as of September 30, 2024 and December 31, 2023, respectively, which are included in the line item Prepaid Expenses and Other Assets, Net.

Mortgage Loan Payable

As of September 30, 2024, the mortgage loan payable is collateralized by industrial properties with a net carrying value of $30,442. We believe the Operating Partnership and the Company were in compliance with all covenants relating to our mortgage loan as of September 30, 2024.

20

Indebtedness

The following is a schedule of the stated maturities and scheduled principal payments of our indebtedness, exclusive of discounts, debt issuance costs and the impact of extension options, for the next five years as of September 30, and thereafter:


			Amount
Remainder of 2024			$	84
2025			548,349
2026			200,364
2027			556,449
2028			190,453
Thereafter			685,600
Total			$	2,181,299

Our Unsecured Credit Facility, our Unsecured Term Loans, our senior notes issued in private placements ("Private Placement Notes") and the indentures governing our senior unsecured notes contain certain financial covenants, including limitations on incurrence of debt and debt service coverage. Under the Unsecured Credit Facility and the Unsecured Term Loans, an event of default can occur if the lenders, in their good faith judgment, determine that a material adverse change has occurred, which could prevent timely repayment or materially impair our ability to perform our obligations under the loan agreements. We believe the Operating Partnership and the Company were in compliance with all covenants relating to the Unsecured Credit Facility, the Unsecured Term Loans, the Private Placement Notes and the indentures governing our senior unsecured notes as of September 30, 2024; however, these financial covenants are complex and there can be no assurance that these provisions would not be interpreted by our lenders and noteholders in a manner that could impose and cause us to incur material costs.

Fair Value

At September 30, 2024 and December 31, 2023, the fair value of our indebtedness was as follows:


			September 30, 2024												December 31, 2023
			Carrying Amount (A)						Fair Value						Carrying Amount (A)						Fair Value
Mortgage Loan Payable			$	9,728					$	9,545					$	9,978					$	9,666
Senior Unsecured Notes, Net			998,530						933,230						998,525						902,042
Unsecured Term Loans			925,000						925,000						925,000						925,000
Unsecured Credit Facility			248,000						248,000						299,000						299,000
Total			$	2,181,258					$	2,115,775					$	2,232,503					$	2,135,708

_______________

(A) The carrying amounts include unamortized discounts and exclude unamortized debt issuance costs.

The fair value of our mortgage loan payable was determined by discounting the future cash flows using the current rates at which similar loans would be made based upon similar remaining maturities. The current market rate we utilized was internally estimated. The fair value of the senior unsecured notes was determined by using rates, as advised by our bankers, that are based upon recent trades within the same series of the senior unsecured notes, recent trades for senior unsecured notes with comparable maturities, recent trades for fixed rate unsecured notes from companies with profiles similar to ours, as well as overall economic conditions. The fair value of the Unsecured Credit Facility and the Unsecured Term Loans was determined by discounting the future cash flows using current rates, as advised by our bankers, at which similar loans would be made to borrowers with similar credit ratings and for the same remaining term, assuming no repayment until maturity. We have concluded that our determination of fair value for our mortgage loan payable, each of our senior unsecured notes and the Unsecured Term Loans was primarily based upon Level 3 inputs.

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5. Variable Interest Entities

Other Real Estate Partnerships

The Other Real Estate Partnerships are variable interest entities ("VIEs") of the Operating Partnership and the Operating Partnership is the primary beneficiary, thus causing the Other Real Estate Partnerships to be consolidated by the Operating Partnership. In addition, the Operating Partnership is a VIE of the Company and the Company is the primary beneficiary.

The following table summarizes the assets and liabilities of the Other Real Estate Partnerships included in our Consolidated Balance Sheets, net of intercompany amounts:


			September 30, 2024						December 31, 2023
ASSETS
Assets:
Net Investment in Real Estate			$	296,549					$	302,869


Operating Lease Right-of-Use Assets			12,842						12,910
Cash and Cash Equivalents			2,499						2,221

Deferred Rent Receivable			16,047						15,601
Prepaid Expenses and Other Assets, Net			15,764						12,945
Total Assets			$	343,701					$	346,546
LIABILITIES AND PARTNERS' CAPITAL
Liabilities:

Accounts Payable, Accrued Expenses and Other Liabilities			$	10,410					$	9,698
Operating Lease Liabilities			10,194						10,219
Rents Received in Advance and Security Deposits			7,633						8,368
Partners' Capital			315,464						318,261
Total Liabilities and Partners' Capital			$	343,701					$	346,546

Joint Venture

The Joint Venture was formed for the purpose of developing, leasing, operating and selling land located in the Phoenix, Arizona metropolitan area. We hold our Joint Venture interest through a consolidated partnership (the "Joint Venture Partnership") in which we hold an 88% interest and in which a third-party partner holds the remaining 12% interest. As we hold the power to direct the activities that most significantly impact the economic performance of the Joint Venture Partnership, we consolidate the Joint Venture Partnership and reflect our partner's share as Noncontrolling Interest (see Note 6). The Joint Venture Partnership holds a 49% interest in the unconsolidated Joint Venture, which we account for under the equity method of accounting. Excluding the minority interest holder's share, we own a 43% interest in the Joint Venture. The Joint Venture Partnership is held through a wholly-owned TRS of the Operating Partnership.

Under the operating agreement for the Joint Venture, we act as the managing member and are entitled to receive fees for providing management, leasing, development, construction supervision, disposition and asset management services. In addition, the Joint Venture's operating agreement provides us the ability to earn incentive fees based on the ultimate financial performance of the Joint Venture.

During the nine months ended September 30, 2024 and 2023, we earned fees of $2,113 and $4,693, respectively, from the Joint Venture, related to asset management, property management, leasing and development services we provided to the Joint Venture, of which we deferred recognition of $427 and $955, respectively, due to our economic interest in the Joint Venture. During the nine months ended September 30, 2024 and 2023, we incurred fees of $1,005 and $2,690, respectively, related to third-party development, property management and leasing services associated with the Joint Venture. At September 30, 2024 and December 31, 2023, we had a receivable from the Joint Venture of $190 and $138, respectively.

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Net income of the Joint Venture for the nine months ended September 30, 2024 and 2023 was $4,581 and $44,334, respectively. Included in net income during the nine months ended September 30, 2024 was gain on sale of real estate of $495. The gain on sale of real estate recognized by the Joint Venture during the nine months ended September 30, 2024 relates to gain that was deferred on land sales during the years ended December 31, 2023 and 2022. The gain on sale was deferred because the Joint Venture was required to complete infrastructure work for the purchasers of the land. The deferred gain is being recognized under the percentage of completion method. Our economic share of the Joint Venture's gain on sale was $243. Included in net income of the Joint Venture during the nine months ended September 30, 2023 is gain on sale of real estate of $40,283 related to the sale of approximately 31 acres of land for which our economic share was $19,739. For the nine months ended September 30, 2024 and 2023, we earned incentive fees of $916 and $8,903, respectively, from the Joint Venture, which is reflected in the Equity In Income of Joint Venture line item in the Consolidated Statements of Operations.

During the nine months ended September 30, 2024, the Joint Venture substantially completed development of three buildings totaling an aggregate 1.8 million square feet of GLA (the "Project"). During the year ended December 31, 2022, in connection with the Project, the Joint Venture entered into a construction loan with a capacity of $149,514 with a third-party lender (the "Joint Venture Loan"). As of September 30, 2024 and December 31, 2023, the balance of the Joint Venture Loan is $125,807 and $95,711, respectively, excluding $384 and $730, respectively, of unamortized debt issuance costs. With respect to the Joint Venture Loan, we provided a completion guarantee to the lender and our third-party joint venture partner that requires the Company to timely complete construction of the Project. Total estimated investment for the Project is approximately $224,020 and the Joint Venture is using a third-party general contractor to develop the buildings pursuant to a guaranteed maximum price contract. We also provided a guarantee to the lender related to typical non-recourse exceptions and an environmental indemnity. It is not possible to estimate the amount of additional costs, if any, that we may incur in connection with our completion guarantees to the third-party lender and/or our joint venture partner as well as the non-recourse exception and environmental indemnity guarantees; however, we do not expect that we will be required to make any significant payments in satisfaction of these guarantees.

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6. Equity of the Company and Partners' Capital of the Operating Partnership

Noncontrolling Interest of the Company

The equity positions of various individuals and entities that contributed their properties to the Operating Partnership in exchange for Limited Partner Units, as well as the equity positions of the holders of Limited Partner Units issued in connection with the grant of restricted limited partner Units ("RLP Units") pursuant to the Company's stock incentive plan, are collectively referred to as the “Noncontrolling Interests.” An RLP Unit is a class of limited partnership interest of the Operating Partnership that is structured as a "profits interest" for U.S. federal income tax purposes and is an award that is granted under our stock incentive plan (see Note 9). Generally, RLP Units entitle the holder to receive distributions from the Operating Partnership that are equivalent to the dividends and distributions that would be made with respect to the number of shares of Common Stock underlying such RLP Units, though receipt of such distributions may be delayed or made contingent on vesting. Once an RLP Unit has vested and received allocations of book income sufficient to increase the book capital account balance associated with such RLP Unit (which will initially be zero) equal to, on a per-unit basis, the book capital account balance associated with a "common" Limited Partner Unit of the Operating Partnership, it automatically becomes a common Limited Partner Unit that is convertible by the holder to one share of Common Stock or a cash equivalent, at the Company's option. Net income is allocated to the Noncontrolling Interests based on the weighted average ownership percentage during the period.

Noncontrolling Interest - Joint Venture

Our ownership interest in the Joint Venture is held through the Joint Venture Partnership with a third-party partner and we concluded that we hold the power to direct the activities that most significantly impact the economic performance of the Joint Venture Partnership. As a result, we consolidate the Joint Venture Partnership and reflect our partner's interest in the Joint Venture Partnership that invests in the Joint Venture as a Noncontrolling Interest. Our partner's share of the Joint Venture Partnership's income was $77 and $196 for the three months ended September 30, 2024 and 2023, respectively, and $397 and $3,746 for the nine months ended September 30, 2024 and 2023, respectively, and was reflected in the Equity in Income of Joint Venture and the Noncontrolling Interests line items in the Consolidated Statements of Operations. The Noncontrolling Interests line item in the Consolidated Balance Sheets includes our third-party partner's interest of $6,698 and $6,444 at September 30, 2024 and December 31, 2023, respectively.

ATM Program

On February 24, 2023, we entered into distribution agreements with a three-year term with certain sales agents to sell up to 16,000,000 shares of the Company's common stock, for up to $800,000 aggregate gross sales proceeds, from time to time in "at-the-market" offerings (the "ATM"). Under the terms of the ATM, sales are to be made through transactions that are deemed to be "at-the-market" offerings, including sales made directly on the New York Stock Exchange, sales made through a market maker other than on an exchange or sales made through privately negotiated transactions. During the nine months ended September 30, 2024, we did not issue any shares of the Company's common stock under the ATM.

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7. Accumulated Other Comprehensive Income

The following table summarizes the changes in accumulated other comprehensive income by component for the Company and the Operating Partnership for the nine months ended September 30, 2024:


			Derivative Instruments						Accumulated Other Comprehensive Income of the Operating Partnership						Comprehensive (Loss) Income Attributable to Noncontrolling Interest of the Company						Accumulated Other Comprehensive Income of the Company
Balance as of December 31, 2023			$	22,842					$	22,842					$	(570)					$	22,272
Other Comprehensive Income Before Reclassifications			5,196						5,196						304						5,500
Amounts Reclassified from Accumulated Other Comprehensive Income			(18,139)						(18,139)						—						(18,139)
Net Current Period Other Comprehensive Loss			(12,943)						(12,943)						304						(12,639)
Balance as of September 30, 2024			$	9,899					$	9,899					$	(266)					$	9,633

The following table summarizes the reclassifications out of accumulated other comprehensive income for both the Company and the Operating Partnership for the three and nine months ended September 30, 2024 and 2023:


						Amounts Reclassified from Accumulated Other Comprehensive Income
Details about Accumulated Other Comprehensive Income Components						Three Months Ended September 30, 2024						Three Months Ended September 30, 2023						Nine Months Ended September 30, 2024						Nine Months Ended September 30, 2023						Affected Line Items in the Consolidated Statements of Operations
Derivative Instruments:
Amortization of Previously Settled Derivative Instruments						$	103					$	103					$	308					$	308					Interest Expense
Net Settlement Receipts from our Counterparties						(6,162)						(6,003)						(18,447)						(15,376)						Interest Expense

Total						$	(6,059)					$	(5,900)					$	(18,139)					$	(15,068)

The change in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in other comprehensive income and is subsequently reclassified to earnings through interest expense over the life of the derivative or over the life of the debt. In the next 12 months, we expect to amortize approximately $410 into net income by increasing interest expense for derivative instruments we settled in previous periods. Additionally, recurring settlement amounts on the 2021 Swaps, the 2022 Swaps and the 2022 II Swaps (all defined in Note 10) will also be reclassified to net income.

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8. Earnings Per Share and Earnings Per Unit ("EPS"/"EPU")

The computation of basic and diluted EPS of the Company is presented below:


			Three Months Ended September 30, 2024						Three Months Ended September 30, 2023						Nine Months Ended September 30, 2024						Nine Months Ended September 30, 2023
Numerator:



Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders			$	99,287					$	74,938					$	218,971					$	185,441
Denominator (In Thousands):
Weighted Average Shares - Basic			132,370						132,264						132,366						132,241
Effect of Dilutive Securities:
Performance Units (See Note 9)			51						75						43						84
Weighted Average Shares - Diluted			132,421						132,339						132,409						132,325
Basic and Diluted EPS:
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders			$	0.75					$	0.57					$	1.65					$	1.40

The computation of basic and diluted EPU of the Operating Partnership is presented below:


			Three Months Ended September 30, 2024						Three Months Ended September 30, 2023						Nine Months Ended September 30, 2024						Nine Months Ended September 30, 2023
Numerator:


Net Income Available to Unitholders			$	101,864					$	76,718					$	224,606					$	189,856
Denominator (In Thousands):
Weighted Average Units - Basic			135,099						134,704						135,088						134,697
Effect of Dilutive Securities:
Performance Units and certain Performance RLP Units (See Note 9)			375						462						303						517
Weighted Average Units - Diluted			135,474						135,166						135,391						135,214
Basic EPU:
Net Income Available to Unitholders			$	0.75					$	0.57					$	1.66					$	1.41
Diluted EPU:
Net Income Available to Unitholders			$	0.75					$	0.57					$	1.66					$	1.40

At September 30, 2024 and 2023, participating securities for the Company included 93,952 and 129,019, respectively, of Service Awards (see Note 9), which participate in non-forfeitable distributions. At September 30, 2024 and 2023, participating securities for the Operating Partnership included 261,246 and 351,796, respectively, of Service Awards and certain Performance Awards (see Note 9), which participate in non-forfeitable distributions. Under the two-class method, participating security holders are allocated income, in proportion to total weighted average shares or Units outstanding, based upon the greater of net income or common stock dividends or Unit distributions declared.

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9. Long-Term Compensation

Awards with Performance Measures

During the nine months ended September 30, 2024, 46,947 performance units ("Performance Units") and 263,159 RLP Units ("Performance RLP Units" and, together with the Performance Units, collectively the "Performance Awards") were granted to certain employees based on performance-based criteria, which had a fair value of approximately $9,281 on the grant date as determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation. A portion of each Performance Award vests based upon the total shareholder return ("TSR") of the Company's common stock compared to the TSR of the FTSE Nareit All Equity Index and the remainder vests based upon the TSR of the Company’s common stock compared to a specified group of peer industrial real estate companies. The performance period for these Performance Awards is three years. Compensation expense is charged to earnings over the applicable vesting period for the Performance Awards. At the end of the measuring period, vested Performance Units convert into shares of common stock.

Service Based Awards

For the nine months ended September 30, 2024, 61,168 shares of restricted stock units ("Service Units") and 102,548 RLP Units ("Service RLP Units" and together with the Service Units, collectively the "Service Awards") were granted to certain employees and outside directors based on service-based criteria, which had an aggregate fair value of approximately $8,408 on the grant date. The fair value of the Service Awards is based on the Company's stock price on the date such awards were approved by the Compensation Committee of the Board of Directors. The Service Awards awarded to employees were based on the prior achievement of certain corporate performance goals and generally vest ratably over three years based on continued employment. Service Awards granted to outside directors vest after one year. Compensation expense is charged to earnings over the vesting periods for the Service Awards. At the end of the service period, vested Service Units convert into shares of common stock.

Retirement Eligibility

All award agreements issued underlying Performance Awards and Service Awards contain a retirement eligibility policy for employees with at least 10 years of continuous service and are at least 60 years old. For employees that meet the age and service eligibility requirements, their awards are non-forfeitable. As such, during the nine months ended September 30, 2024, we expensed 100% of the awards granted to retirement-eligible employees at the grant date as if fully vested. For employees who will meet the age and service eligibility requirements during the normal vesting periods, the grants are amortized over the shorter service period. Additionally, our Chief Executive Officer's employment agreement contains a retirement provision, which provides for all of his outstanding Performance Awards and Service Awards to be non-forfeitable effective December 31, 2024. As such, his Performance Awards and Service Awards granted during the nine months ended September 30, 2024 are amortized over one year versus three years.

Outstanding Performance Awards and Service Awards

We recognized $3,581 and $3,437 for the three months ended September 30, 2024 and 2023, respectively, and $16,563 and $12,846 for the nine months ended September 30, 2024 and 2023, respectively, in compensation expense related to the amortization of the Service Awards and the Performance Awards. Service Award and Performance Award amortization capitalized in connection with development activities was $235 and $456 for the three months ended September 30, 2024 and 2023, respectively, and $2,328 and $2,592 for the nine months ended September 30, 2024 and 2023, respectively. At September 30, 2024, we had $11,066 in unrecognized compensation related to unvested Service Awards and Performance Awards. The weighted average period over which the unrecognized compensation is expected to be recognized is 0.79 years.

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10. Derivative Instruments

Our objectives in using derivatives are to add stability to interest expense and to manage our cash flow volatility and exposure to interest rate movements. To accomplish these objectives, we primarily use derivative instruments as part of our interest rate risk management strategy. Derivative instruments designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for fixed-rate payments over the life of the agreements without exchange of the underlying notional amount.

We have interest rate swaps to manage our exposure to changes in SOFR related to our Unsecured Term Loans. We have three interest rate swaps with an aggregate notional value of $200,000, that fixed the SOFR rate component at 0.90% at September 30, 2024 and mature on February 2, 2026 (the "2021 Swaps").

We have eight interest rate swaps with an aggregate notional value of $425,000 that fix the SOFR rate component at 2.69% and mature on September 30, 2027 (the "2022 Swaps").

We have seven interest rate swaps, with an aggregate notional value of $300,000 that fix the SOFR rate component at 3.93% (the "2022 II Swaps"). $150,000 of the 2022 II Swaps' aggregate notional value matures on December 1, 2025 and the remaining $150,000 of the 2022 II Swaps' aggregate notional value matures on August 1, 2027. We have designated the 2021 Swaps, the 2022 Swaps and the 2022 II Swaps as cash flow hedges.

Our agreements with our derivative counterparties contain certain cross-default provisions that may be triggered in the event that our other indebtedness is in default, subject to certain thresholds. As of September 30, 2024, we had not posted any collateral related to these agreements and were not in breach of any of the provisions of these agreements. If we had breached these agreements, we could have been required to settle our obligations under the agreements at their termination value.

The following table sets forth our financial assets and liabilities related to the 2021 Swaps, the 2022 Swaps and the 2022 II Swaps, which are included in the line items Prepaid Expenses and Other Assets, Net or Accounts Payable, Accrued Expenses and Other Liabilities on the Consolidated Balance Sheets and are accounted for at fair value on a recurring basis as of September 30, 2024 and December 31, 2023:


												Fair Value Measurements:
Description						Fair Value at September 30, 2024						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Unobservable Inputs (Level 3)
Derivatives designated as a hedging instrument:
Assets:
2021 Swaps						$	7,207					—						$	7,207					—
2022 Swaps						$	7,107					—						$	7,107					—

Liabilities:

2022 II Swaps						$	(2,539)					—						$	(2,539)					—




						Fair Value at December 31, 2023
Derivatives designated as a hedging instrument:
Assets:
2021 Swaps						$	12,517					—						$	12,517					—
2022 Swaps						$	13,285					—						$	13,285					—
Liabilities:
2022 II Swaps						$	(776)					—						$	(776)					—

There was no ineffectiveness recorded on the 2021 Swaps, the 2022 Swaps or the 2022 II Swaps during the nine months ended September 30, 2024. See Note 7 for more information regarding our derivatives.

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The estimated fair value of the 2021 Swaps, the 2022 Swaps and the 2022 II Swaps was determined using the market standard methodology of netting the discounted fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on an expectation of interest rates (forward curves) derived from observable market interest rate curves. In addition, credit valuation adjustments are incorporated in the fair value to account for potential non-performance risk, including our own non-performance risk and the respective counterparty's non-performance risk. We determined that the significant inputs used to value the 2021 Swaps, the 2022 Swaps and the 2022 II Swaps fell within Level 2 of the fair value hierarchy.

11. Related Party Transactions

At September 30, 2024 and December 31, 2023, the Operating Partnership had receivable balances of $9,242 and $9,288, respectively, from a direct wholly-owned subsidiary of the Company. Additionally, see Note 5 for transactions with our joint venture.

12. Commitments and Contingencies

In the normal course of business, we are involved in legal actions arising from the ownership of our industrial properties. In our opinion, the liabilities, if any, that may ultimately result from such legal actions are not expected to have a materially adverse effect on our consolidated financial position, operations or liquidity.

In conjunction with the development of industrial properties, we have entered into agreements with general contractors for the construction of industrial properties. At September 30, 2024, we had five development projects totaling approximately 1.3 million square feet of GLA under construction. The estimated total investment as of September 30, 2024 is approximately $183,400. Of this amount, approximately $129,200 remains to be funded. There can be no assurance that the actual completion cost will not exceed the estimated total investment.

13. Subsequent Events

Subsequent to September 30, 2024, we sold three industrial properties for an aggregate sales price of $19,000, excluding transaction costs.

29


Item 2.			Management's Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the Consolidated Financial Statements and notes thereto appearing elsewhere in this Form 10-Q. Unless stated otherwise or the context otherwise requires, the terms "we," "our" and "us" refer to First Industrial Realty Trust, Inc. (the "Company") and its subsidiaries, including First Industrial, L.P. (the "Operating Partnership") and its consolidated subsidiaries.

Forward-Looking Statements

The following discussion may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934 (the "Exchange Act"). We intend for such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on certain assumptions and describe our future plans, strategies and expectations, and are generally identifiable by use of the words "believe," "expect," "plan," "intend," "anticipate," "estimate," "project," "seek," "target," "potential," "focus," "may," "will," "should" or similar words. Although we believe the expectations reflected in forward-looking statements are based upon reasonable assumptions, we can give no assurance that our expectations will be attained or that results will not materially differ.

Factors that could have a materially adverse effect on our operations and future prospects include, but are not limited to:

•changes in national, international, regional and local economic conditions generally and real estate markets specifically;

•changes in legislation/regulation (including changes to laws governing the taxation of real estate investment trusts) and actions of regulatory authorities;

•our ability to qualify and maintain our status as a real estate investment trust;

•the availability and attractiveness of financing (including both public and private capital) and changes in interest rates;

•the availability and attractiveness of terms of additional debt repurchases;

•our ability to retain our credit agency ratings;

•our ability to comply with applicable financial covenants;

•our competitive environment;

•changes in supply, demand and valuation of industrial properties and land in our current and potential market areas;

•our ability to identify, acquire, develop and/or manage properties on favorable terms;

•our ability to dispose of properties on favorable terms;

•our ability to manage the integration of properties we acquire;

•potential liability relating to environmental matters;

•defaults on or non-renewal of leases by our tenants;

•decreased rental rates or increased vacancy rates;

•higher-than-expected real estate construction costs and delays in development or lease-up schedules;

•the uncertainty and economic impact of pandemics, epidemics or other public health emergencies or fear of such events;

•risks associated with security breaches through cyber attacks, cyber intrusions or otherwise, as well as other significant disruptions of our information technology networks and related systems;

•potential natural disasters and other potentially catastrophic events such as acts of war and/or terrorism;

•technological developments, particularly those affecting supply chains and logistics;

•litigation, including costs associated with prosecuting or defending claims and any adverse outcomes;

•risks associated with our investments in joint ventures, including our lack of sole decision-making authority; and

•other risks and uncertainties described in this report, in Item 1A, "Risk Factors" and elsewhere in our annual report on Form 10-K for the year ended December 31, 2023 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").

We caution you not to place undue reliance on forward-looking statements, which reflect our outlook only and speak only as of the date of this report. We assume no obligation to update or supplement forward-looking statements.

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General

The Company is a self-administered and fully integrated real estate company which owns, manages, acquires, sells, develops and redevelops industrial real estate. The Company is a Maryland corporation organized on August 10, 1993 and a real estate investment trust ("REIT") as defined in the Internal Revenue Code of 1986 (the "Code"). As of September 30, 2024, we owned 421 industrial properties located in 19 states, containing an aggregate of approximately 67.7 million square feet of gross leasable area ("GLA"). Of the 421 properties owned on a consolidated basis, none of them are directly owned by the Company.

We began operations on July 1, 1994. The Company's operations are conducted primarily through the Operating Partnership, of which the Company is the sole general partner (the "General Partner"), with an approximate 97.3% ownership interest ("General Partner Units") at September 30, 2024. The Operating Partnership also conducts operations through several other limited partnerships (the "Other Real Estate Partnerships"), numerous limited liability companies ("LLCs") and certain taxable REIT subsidiaries ("TRSs"), the operating data of which, together with that of the Operating Partnership, is consolidated with that of the Company as presented herein. The Operating Partnership holds at least a 99% limited partnership interest in each of the Other Real Estate Partnerships. The general partners of the Other Real Estate Partnerships are separate corporations, wholly-owned by the Company, each with at least a .01% general partnership interest in the Other Real Estate Partnerships. The Company does not have any significant assets or liabilities other than its investment in the Operating Partnership and its 100% ownership interest in the general partners of the Other Real Estate Partnerships. The noncontrolling interest in the Operating Partnership of approximately 2.7% at September 30, 2024 represents the aggregate partnership interest held by the limited partners thereof ("Limited Partner Units" and together with the General Partner Units, the "Units").

Through a wholly-owned TRS of the Operating Partnership, we own an equity interest in a joint venture (the "Joint Venture"). We also provide various services to the Joint Venture. The Joint Venture is accounted for under the equity method of accounting. The operating data of the Joint Venture is not consolidated with that of the Operating Partnership or the Company as presented herein.

Available Information

We maintain a website at www.firstindustrial.com. Information on this website shall not constitute part of this Form 10-Q. Copies of our respective annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to such reports are available without charge on our website as soon as reasonably practicable after such reports are filed with or furnished to the SEC. These documents also may be accessed through the SEC's Interactive Data Electronic Application via the SEC's home page on the Internet (www.sec.gov). In addition, the Company's Corporate Governance Guidelines, Code of Business Conduct and Ethics, Audit Committee Charter, Compensation Committee Charter and Nominating/Corporate Governance Committee Charter, along with supplemental financial and operating information prepared by us, are all available without charge on the Company's website or upon request to the Company. Amendments to, or waivers from, our Code of Business Conduct and Ethics that apply to our executive officers or directors will also be posted to our website. We also post or otherwise make available on our website from time to time other information that may be of interest to our investors.

31

Management's Overview

Business Objectives and Growth Plans

Our fundamental business objective is to maximize the total return to the Company's stockholders and the Operating Partnership's partners by increasing our cash flow and property values. Our long-term business growth plans include the following elements:

•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) obtaining 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 expenses, general and administrative expenses and releasing costs; and (v) renovating existing properties.

•External Growth. We seek to grow externally through (i) the development of best-in-class industrial properties and the acquisition of individual or portfolios of industrial properties which meet our investment parameters within our 15 key logistics markets, with a primary emphasis on coastal markets; (ii) the expansion of our existing properties; and (iii) securing additional joint venture investments.

•Portfolio Enhancement. We continually seek to upgrade our overall portfolio via new investments as well as through the sale of select assets that we believe do not exhibit favorable characteristics for long-term cash flow growth. We target new investments in 15 key logistics markets, with a primary emphasis on coastal markets, where developable land is more scarce and which exhibit desirable long-term growth characteristics. We seek to refine our portfolio over the coming years by focusing on bulk and regional warehouse properties and downsizing our light industrial holdings.

Our ability to pursue our long-term growth plans is affected by market conditions and our financial condition and operating capabilities.

Business Strategies

We utilize the following strategies in connection with the operation of our business:

•Organizational Strategy. We implement a decentralized property operations strategy through the deployment of experienced regional management teams and local property managers. We provide acquisition, development and financing assistance, asset management oversight and financial reporting functions from our headquarters in Chicago, Illinois to support our regional operations. We believe the size of our portfolio enables us to realize operating efficiencies by spreading overhead among many properties and by negotiating purchasing discounts.

•Market Strategy. Our market strategy is to concentrate on 15 key logistics markets in the United States, with a primary emphasis on coastal markets. These markets have one or more of the following characteristics: (i) favorable industrial real estate fundamentals, including improving industrial demand and constrained future supply that can lead to long-term rent growth; (ii) favorable economic and business environments that should benefit from increases in distribution activity driven by growth in global trade and local consumption; (iii) population growth as it generally drives industrial demand; (iv) natural barriers to entry and scarcity of land which are key elements in delivering future rent growth; and (v) sufficient size to provide ample opportunity for growth through incremental investments as well as offer asset liquidity.

•Leasing and Marketing Strategy. We have an operational management strategy designed to enhance tenant satisfaction and portfolio performance. We pursue an active leasing strategy, which includes broadly marketing available space, seeking to renew existing leases at higher rents while minimizing re-leasing costs and seeking leases which provide for the pass-through of property-related expenses to the tenant. We also have local and national marketing programs which focus on the business and real estate brokerage communities and multi-national tenants.

•Acquisition/Development Strategy. Our investment strategy is primarily focused on developing and acquiring industrial properties in 15 key logistics markets in the United States, with an emphasis on markets with a coastal orientation, through the deployment of experienced regional management teams. When evaluating potential industrial property acquisitions and developments, we consider such factors as: (i) the geographic area and type of property; (ii) the location, construction quality, functionality, condition and design of the property; (iii) the terms of tenant leases, including the potential for rent increases; (iv) the potential for economic growth and the general business, tax and regulatory environment of the area in which the property is located; (v) the occupancy and

32

demand by tenants for properties of a similar type in the vicinity; (vi) competition from existing properties and the potential for the construction of new properties in the area; (vii) the potential for capital appreciation of the property; (viii) the ability to improve the property's performance through renovation; and (ix) the potential for expansion of the physical layout of the property and/or the number of sites.

•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. We look to sell properties with lower rent growth prospects and/or assets with less than optimal functionality and redeploy the capital into higher rent growth assets in key logistics markets primarily with a coastal orientation. We also seek to shrink our holdings of light industrial assets over time.

•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 $750.0 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.

33

Summary of the Nine Months Ended September 30, 2024

Our operating results were strong during the nine months ended September 30, 2024. In-service occupancy at quarter end was 95.0%, and for new and renewal leases that commenced during the nine months ended September 30, 2024, we achieved a 52.9% increase in cash rental rates (66.8% in the third quarter). As of September 30, 2024, we had five projects under development, totaling 1.3 million square feet of GLA, with an aggregate estimated investment of approximately $183.4 million.

During the nine months ended September 30, 2024, we completed the following significant real estate activities:

•We executed nine leases at development properties with the following characteristics:


Metropolitan Area						Number of Properties						GLA Leased												% of Building Leased as of 9/30/24
Chicago						1						119,840												73%
Denver						1						60,807												50%
Houston						1						212,280												50%
Nashville						1						500,240												100%
Northern California						1						1,015,791												100%
Philadelphia						1						358,848												100%
Seattle						1						64,341												100%
South Florida						1						46,257												34%
Southern California						1						460,805												100%
Total						9						2,839,209

Additionally, we fully leased an industrial building totaling approximately 0.4 million square feet of GLA in our Joint Venture to two tenants.

•We acquired five industrial properties totaling approximately 0.3 million square feet of GLA located in our Houston and Southern California markets for an aggregate purchase price of $44.8 million, excluding transaction costs.

•We commenced speculative development of four industrial buildings totaling approximately 1.2 million square feet of GLA in our Houston, Nashville and South Florida markets.

•We sold 17 industrial properties totaling approximately 1.0 million square feet of GLA for gross proceeds of $138.3 million.

Our significant financing activities during the nine months ended September 30, 2024 were:

•We declared first, second and third quarter cash dividends of $0.37 per common share or Unit per quarter, an increase of 15.6% from the 2023 quarterly rate.

•At September 30, 2024, we had $501.5 million available for additional borrowings under our Unsecured Credit Facility and cash and cash equivalents and restricted cash of $54.6 million, after excluding our Joint Venture partner's 6% share that we consolidate and report in our financial statements. Assuming the exercise of extension options in two of our bank loans, our next debt maturity is in 2026.

34

Results of Operations

The tables below summarize our revenues, property expenses and depreciation and other amortization by various categories for the three and nine months ended September 30, 2024 and 2023. Same store properties are properties owned prior to January 1, 2023 and held as an in-service property through September 30, 2024 and developments and redevelopments that were placed in service prior to January 1, 2023. Properties that are at least 75% occupied at acquisition are placed in service, unless we anticipate tenant move-outs within two years of ownership would drop occupancy below 75%. Properties that are less than 75% occupied at the date of acquisition are placed in service as they reach the earlier of 90% occupancy or one year subsequent to acquisition. Developments, redevelopments and acquired income-producing land parcels for which our ultimate intent is to redevelop or develop on the land parcel are placed in service as they reach the earlier of 90% occupancy or one year subsequent to development/redevelopment construction completion. Acquired properties with occupancy greater than 75% at acquisition, but with tenants that we anticipate will move out within two years of ownership, will be placed in service upon the earlier of reaching 90% occupancy or twelve months after move out. Properties are moved from the same store classification to the redevelopment classification when capital expenditures for a project are estimated to exceed 25% of the undepreciated gross book value of the property. Acquired properties are properties that were acquired subsequent to December 31, 2022 and held as an operating property through September 30, 2024. Sold properties are properties that were sold subsequent to December 31, 2022. Developments and redevelopments (collectively referred to as "(Re)Developments") include (re)developments that were not: a) substantially complete 12 months prior to January 1, 2023; or b) stabilized prior to January 1, 2023. Other revenues are derived from the operations of properties not placed in service under one of the categories discussed above, the operations of our maintenance company, interest income, joint venture fees and other miscellaneous revenues. Other property expenses are derived from the operations of properties not placed in service under one of the categories discussed above, the operations of our maintenance company, vacant land expenses and other miscellaneous regional expenses.

Our future financial condition and results of operations, including rental revenues, may be impacted by the future acquisition, (re)development and sale of properties. Our future revenues and expenses may vary materially from historical rates.

35

Comparison of Nine Months Ended September 30, 2024 to Nine Months Ended September 30, 2023

Our net income was $225.5 million and $194.1 million for the nine months ended September 30, 2024 and 2023, respectively.

For the nine months ended September 30, 2024 and 2023, the average daily occupancy rate of our same store properties was 96.8% and 97.9%, respectively.


			Nine Months Ended September 30,
			2024						2023						$ Change						% Change
			($ in 000's)
REVENUES
Same Store Properties			$	442,611					$	423,933					$	18,678					4.4		%
Acquired Properties			3,514						785						2,729						347.6		%
Sold Properties			6,203						14,070						(7,867)						(55.9)		%
(Re)Developments			28,506						6,182						22,324						361.1		%
Other			13,219						11,781						1,438						12.2		%


Total Revenues			$	494,053					$	456,751					$	37,302					8.2		%

Revenues from same store properties increased $18.7 million primarily due to increases in rental rates and tenant recoveries, offset by a decrease in occupancy. Revenues from acquired properties increased $2.7 million due to the nine industrial properties acquired subsequent to December 31, 2022 totaling approximately 0.4 million square feet of GLA. Revenues from sold properties decreased $7.9 million due to the 28 industrial properties sold subsequent to December 31, 2022 totaling approximately 2.0 million square feet of GLA. Revenues from (re)developments increased $22.3 million due to an increase in occupancy and tenant recoveries. Revenues from other increased $1.4 million primarily due to revenues from income-producing land parcels for which our ultimate intent is to redevelop, develop or sell the applicable land parcel, offset by a decrease in joint venture fees and legal settlement proceeds.


			Nine Months Ended September 30,
			2024						2023						$ Change						% Change
			($ in 000's)
PROPERTY EXPENSES
Same Store Properties			$	106,892					$	102,082					$	4,810					4.7		%
Acquired Properties			715						99						616						622.2		%
Sold Properties			1,333						3,487						(2,154)						(61.8)		%
(Re)Developments			12,689						5,903						6,786						115.0		%
Other			13,320						12,927						393						3.0		%


Total Property Expenses			$	134,949					$	124,498					$	10,451					8.4		%

Property expenses include real estate taxes, repairs and maintenance, property management, utilities, insurance and other property related expenses. Property expenses from same store properties increased $4.8 million primarily due to an increase in real estate tax expense, snow removal costs and repair and maintenance expense. Property expenses from acquired properties increased $0.6 million due to properties acquired subsequent to December 31, 2022. Property expenses from sold properties decreased $2.2 million due to properties sold subsequent to December 31, 2022. Property expenses from (re)developments increased $6.8 million primarily due to the substantial completion of developments. Property expenses from other remained relatively unchanged.

General and administrative expense increased by $3.3 million, or 12.1%, primarily driven by higher equity compensation expense. This increase is due to the accelerated recognition of expense for certain tenured employees who are, or will soon become, retirement eligible prior to the standard vesting schedule. Additionally, the increase was influenced by a modest increase in overall compensation and a slight decrease in the amount of compensation capitalized to development activities.

Joint Venture development services expense, representing payments made to a third party for property development assistance within the Joint Venture, decreased by $1.7 million, or 62.6%. This decline is attributed to a reduction in development activities by our Joint Venture during the nine months ended September 30, 2024, compared to the nine months ended September 30, 2023.

36


			Nine Months Ended September 30,
			2024						2023						$ Change						% Change
			($ in 000's)
DEPRECIATION AND OTHER AMORTIZATION
Same Store Properties			$	109,644					$	110,466					$	(822)					(0.7)		%
Acquired Properties			1,232						283						949						335.3		%
Sold Properties			966						2,650						(1,684)						(63.5)		%
(Re)Developments			14,925						6,112						8,813						144.2		%
Corporate Furniture, Fixtures and Equipment and Other			1,615						1,997						(382)						(19.1)		%
Total Depreciation and Other Amortization			$	128,382					$	121,508					$	6,874					5.7		%

Depreciation and other amortization from same store properties remained relatively unchanged. Depreciation and other amortization from acquired properties increased $0.9 million due to properties acquired subsequent to December 31, 2022. Depreciation and other amortization from sold properties decreased $1.7 million due to properties sold subsequent to December 31, 2022. Depreciation and other amortization from (re)developments increased $8.8 million primarily due to an increase in depreciation and amortization related to completed developments. Depreciation from corporate furniture, fixtures and equipment and other decreased $0.4 million as certain improvements on land parcels, for which our ultimate intent is to redevelop or develop, became fully depreciated.

For the nine months ended September 30, 2024, we recognized $93.8 million of gain on sale of real estate related to the sale of 17 industrial properties totaling approximately 1.0 million square feet of GLA. For the nine months ended September 30, 2023, we recognized $47.4 million of gain on sale of real estate related to the sale of four industrial properties totaling approximately 0.2 million square feet of GLA and two land parcels.

Interest expense increased by $8.9 million, or 16.6%, primarily due to a $4.7 million reduction in capitalized interest during the nine months ended September 30, 2024, compared to the nine months ended September 30, 2023. Additionally, the increase in interest expense was influenced by a higher weighted average debt balance of $2,231.5 million for the nine months ended September 30, 2024, up from $2,155.3 million for the nine months ended September 30, 2023, as well as an increase in the weighted average interest rate to 4.14% for the nine months ended September 30, 2024, compared to 4.03% for the nine months ended September 30, 2023.

Amortization of debt issuance costs remained relatively unchanged.

Equity in income of joint venture for the nine months ended September 30, 2024 was $3.2 million, representing our pro-rata share of the net income generated by the Joint Venture. This income is derived from rental operations and expenses related to three industrial properties, totaling 1.8 million square feet of GLA, that were completed by the joint venture during this period. In comparison, equity in income of joint venture for the nine months ended September 30, 2023 was $30.6 million. This higher amount included our pro-rata share of gain from the sale of real estate by the Joint Venture and related incentive fees. Both periods include the 6% interest held by our partner in the Joint Venture, which is consolidated and reported in our financial statements.

Income tax provision decreased $3.1 million, or 38.4%, primarily due to a reduction in our pro-rata share of taxable gain and incentive fees from the Joint Venture. This decrease was partially offset by an increase in income tax expense associated with gains from the sale of real estate.

37

Comparison of Three Months Ended September 30, 2024 to Three Months Ended September 30, 2023

Our net income was $102.2 million and $77.1 million for the three months ended September 30, 2024 and 2023, respectively.

For the three months ended September 30, 2024 and 2023, the average daily occupancy rate of our same store properties was 96.6% and 97.2%, respectively.


			Three Months Ended September 30,
			2024						2023						$ Change						% Change
			($ in 000's)
REVENUES
Same Store Properties			$	149,035					$	142,764					$	6,271					4.4		%
Acquired Properties			1,474						332						1,142						344.0		%
Sold Properties			13						4,557						(4,544)						(99.7)		%
(Re)Developments			13,027						3,853						9,174						238.1		%
Other			4,096						3,599						497						13.8		%


Total Revenues			$	167,645					$	155,105					$	12,540					8.1		%

Revenues from same store properties increased $6.3 million primarily due to increases in rental rates offset by a slight decrease in occupancy. Revenues from acquired properties increased $1.1 million due to the nine industrial properties acquired subsequent to December 31, 2022 totaling approximately 0.4 million square feet of GLA. Revenues from sold properties decreased $4.5 million due to the 28 industrial properties sold subsequent to December 31, 2022 totaling approximately 2.0 million square feet of GLA. Revenues from (re)developments increased $9.2 million due to an increase in occupancy and tenant recoveries. Revenues from other increased $0.5 million due to an increase in revenues from income-producing land parcels for which our ultimate intent is to redevelop, develop or sell the applicable land parcel, offset by a decrease in joint venture fees.


			Three Months Ended September 30,
			2024						2023						$ Change						% Change
			($ in 000's)
PROPERTY EXPENSES
Same Store Properties			$	35,394					$	35,460					$	(66)					(0.2)		%
Acquired Properties			332						44						288						654.5		%
Sold Properties			130						1,120						(990)						(88.4)		%
(Re)Developments			4,871						2,473						2,398						97.0		%
Other			4,157						3,462						695						20.1		%


Total Property Expenses			$	44,884					$	42,559					$	2,325					5.5		%

Property expenses include real estate taxes, repairs and maintenance, property management, utilities, insurance and other property related expenses. Property expenses from same store properties remained relatively unchanged. Property expenses from acquired properties increased $0.3 million due to properties acquired subsequent to December 31, 2022. Property expenses from sold properties decreased $1.0 million due to properties sold subsequent to December 31, 2022. Property expenses from (re)developments increased $2.4 million primarily due to the substantial completion of developments. Property expenses from other increased $0.7 million primarily due to an increase in real estate tax expense related to land parcels and miscellaneous expenses.

General and administrative expense increased by $0.8 million, or 9.2%, due primarily to a modest increase in overall compensation and a slight decrease in the amount of compensation capitalized to development activities.

Joint Venture development services expense, representing payments made to a third party for property development assistance within the Joint Venture, decreased by $0.4 million, or 62.8%. This decline is attributed to a reduction in development activities by our Joint Venture during the three months ended September 30, 2024, compared to the three months ended September 30, 2023.

38


			Three Months Ended September 30,
			2024						2023						$ Change						% Change
			($ in 000's)
DEPRECIATION AND OTHER AMORTIZATION
Same Store Properties			$	36,258					$	36,841					$	(583)					(1.6)		%
Acquired Properties			528						121						407						336.4		%
Sold Properties			—						863						(863)						(100.0)		%
(Re)Developments			6,282						2,592						3,690						142.4		%
Corporate Furniture, Fixtures and Equipment and Other			447						729						(282)						(38.7)		%
Total Depreciation and Other Amortization			$	43,515					$	41,146					$	2,369					5.8		%

Depreciation and other amortization from same store properties remained relatively unchanged. Depreciation and other amortization from acquired properties increased $0.4 million due to properties acquired subsequent to December 31, 2022. Depreciation and other amortization from sold properties decreased $0.9 million due to properties sold subsequent to December 31, 2022. Depreciation and other amortization from (re)developments increased $3.7 million primarily due to an increase in depreciation and amortization related to completed developments. Depreciation from corporate furniture, fixtures and equipment and other was not significant for either period.

For the three months ended September 30, 2024, we recognized $56.8 million of gain on sale of real estate related to the sale of seven industrial properties totaling approximately 0.4 million square feet of GLA. For the three months ended September 30, 2023, we recognized $34.4 million of gain on sale of real estate related to the sale of three industrial properties totaling approximately 0.03 million square feet of GLA and one land parcel.

Interest expense increased by $0.9 million, or 4.7%, primarily due to a $1.6 million reduction in capitalized interest during the three months ended September 30, 2024, compared to the three months ended September 30, 2023. This increase was partially offset by a lower weighted average debt balance of $2,182.4 million for the three months ended September 30, 2024, compared to $2,233.0 million for the three months ended September 30, 2023 and a slight decrease in the weighted average interest rate, which fell to 4.08% for the three months ended September 30, 2024 from 4.10% for the three months ended September 30, 2023.

Amortization of debt issuance costs remained relatively unchanged.

Equity in income of joint venture decreased $0.9 million, or 60.8%, primarily due to an increase in our pro-rata share of depreciation, amortization and interest expense recognized by the Joint Venture following the substantial completion of three buildings totaling 1.8 million square feet of GLA during the nine months ended September 30, 2024. This decrease was partially offset by an increase in our pro-rata share of rental income from the Joint Venture. Both periods reflect the 6% interest held by our partner in the Joint Venture, which is consolidated and reported in our financial statements.

Income tax provision increased $3.0 million, or 891.3%, primarily due to an increase in income tax expense associated with gains on the sale of real estate.

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Leasing Activity

The following table provides a summary of our commenced leases for the three and nine months ended September 30, 2024. The table does not include month-to-month leases or leases with terms less than twelve months.


Three Months Ended			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			11						467						$	8.42					41.1		%				4.4						$	5.19					N/A
Renewal Leases			26						2,160						$	12.06					98.4		%				7.9						$	2.99					79.7		%
Development / Acquisition Leases			3						880						$	13.80					N/A						9.8						N/A						N/A
Total / Weighted Average			40						3,507						$	12.01					88.3		%				7.9						$	3.38					79.7		%

Nine Months Ended
New Leases			42						1,440						$	10.47					52.9		%				4.5						$	6.21					N/A
Renewal Leases			102						5,475						$	10.44					79.4		%				6.6						$	2.54					77.3		%
Development / Acquisition Leases			9						2,639						$	10.47					N/A						10.0						N/A						N/A
Total / Weighted Average			153						9,554						$	10.46					73.2		%				7.3						$	3.31					77.3		%

_______________

(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 that commenced 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.

The following table provides a summary of our leases that commenced during the three and nine months ended September 30, 2024, which included rent concessions during the lease term.


Three Months Ended			Number of Leases With Rent Concessions						Square Feet (in 000's)						Rent Concessions ($)
New Leases			9						449						$	597
Renewal Leases			1						221						1,649
Development / Acquisition Leases			3						880						8,740
Total			13						1,550						$	10,986

Nine Months Ended
New Leases			35						1,278						$	4,079
Renewal Leases			11						465						2,008
Development / Acquisition Leases			9						2,639						16,233
Total			55						4,382						$	22,320

40

Liquidity and Capital Resources

At September 30, 2024, our cash and cash equivalents and restricted cash was approximately $54.6 million, after excluding our Joint Venture partner's share of cash and cash equivalents that we consolidate and report in our financial statements. We also had $501.5 million available for additional borrowings under our Unsecured Credit Facility as of September 30, 2024.

We have considered our short-term liquidity needs through September 30, 2025, as well as the adequacy of our estimated cash flow from operations and other expected liquidity sources to meet those needs. As of September 30, 2024, our Unsecured Credit Facility had an outstanding balance of $248.0 million, maturing on July 7, 2025, with two six-month extension options available. We are evaluating whether to extend the maturity by exercising the extension options or enter into a new facility. Additionally, we have a $300.0 million unsecured term loan maturing on August 12, 2025, with two one-year extension options. We are considering either extending the maturity by exercising the extension option or refinancing part or all of this term loan with new indebtedness. Apart from these payment obligations, we believe that our principal short-term liquidity needs include funding normal recurring expenses, property acquisitions, developments, renovations, expansions, other nonrecurring capital improvements, debt service requirements, the minimum distributions required to maintain the Company's REIT qualification under the Code and distributions approved by the Company's Board of Directors. We anticipate that these will be met with cash flows provided by operating activities as well as the disposition of select assets. These needs may also be met by the issuance of other debt or equity securities or borrowings under our Unsecured Credit Facility, subject to market conditions.

We expect to meet long-term (after September 30, 2025) liquidity requirements such as property acquisitions, developments, scheduled debt maturities, major renovations, expansions and other nonrecurring capital improvements through the disposition of select assets, long-term unsecured and secured indebtedness and the issuance of additional equity securities, subject to market conditions.

Our Unsecured Credit Facility contains certain financial covenants including limitations on incurrence of debt and debt service coverage. Our access to borrowings may be limited if we fail to meet any of these covenants. We believe that we were in compliance with our financial covenants as of September 30, 2024, and we anticipate that we will be able to operate in compliance with our financial covenants for the next twelve months.

As of October 18, 2024, we had approximately $483.5 million available for additional borrowings under our Unsecured Credit Facility.

Our senior unsecured notes have been assigned credit ratings from Standard & Poor's, Moody's and Fitch Ratings of BBB/Stable, Baa2/Stable and BBB/Positive, respectively. In the event of a downgrade, we believe we would continue to have access to sufficient capital. However, our cost of borrowing would increase and our ability to access certain financial markets may be limited.

41

Cash Flow Activity

The following table summarizes our cash flow activity for the Company for the nine months ended September 30, 2024 and 2023:


						2024						2023
						(In thousands)
Net cash provided by operating activities						$	275,708					$	240,444
Net cash used in investing activities						(67,505)						(322,880)
Net cash used in financing activities						(196,858)						(8,430)

The following table summarizes our cash flow activity for the Operating Partnership for the nine months ended September 30, 2024 and 2023:


						2024						2023
						(In thousands)
Net cash provided by operating activities						$	275,745					$	240,428
Net cash used in investing activities						(67,505)						(322,880)
Net cash used in financing activities						(196,895)						(8,414)

Changes in cash flow for the nine months ended September 30, 2024, compared to the prior year comparable period are described as follows:

Operating Activities: Cash provided by operating activities increased $35.3 million, primarily due to the following:

•increase in net operating income ("NOI") from same store properties, acquired properties and recently developed properties of $31.5 million offset by a decrease in NOI due to the disposition of real estate of $5.7 million; and

•increase in accounts payable, accrued expenses, other liabilities, rents received in advance and security deposits due to timing of cash payment; offset by:

◦decrease in distributions from our Joint Venture of $4.3 million in 2024 as compared to 2023.

Investing Activities: Cash used in investing activities decreased $255.4 million, primarily due to the following:

•decrease of $170.6 million related to the acquisition, development and investment in real estate attributed to fewer acquisitions and reduced expenditures for developments under construction during the nine months ended September 30, 2024 as compared to the nine months ended September 30, 2023;

•increase of $77.1 million in net proceeds received from the disposition of real estate in 2024 as compared to 2023; and

•decrease of $6.1 million in contributions to the Joint Venture in 2024 as compared to 2023.

Financing Activities: Cash used in financing activities increased $188.4 million ($188.5 million for the Operating Partnership), primarily due to the following:

•decrease in net borrowings under our Unsecured Credit Facility of $183.0 million in 2024 as compared to 2023; and

•increase in dividend and unit distributions of $17.2 million due to the Company increasing the dividend rate in 2024 as well as an increase in common shares and units outstanding; offset by:

◦decrease in distributions to noncontrolling interests of $11.4 million in 2024 as compared to 2023.

42

Market Risk

The following discussion about our risk-management activities includes "forward-looking statements" that involve risk and uncertainties. Actual results could differ materially from those projected in the forward-looking statements. Our business subjects us to market risk from interest rates, as described below.

Interest Rate Risk

The following analysis presents the hypothetical gain or loss in earnings, cash flows or fair value of the financial instruments and derivative instruments that are held by us at September 30, 2024 that are sensitive to changes in interest rates. While this analysis may have some use as a benchmark, it should not be viewed as a forecast.

In the normal course of business, we also face risks that are either non-financial or non-quantifiable. Such risks principally include credit risk and legal risk and are not represented in the following analysis.

At September 30, 2024, $1,933.3 million, or 88.6%, of our total debt, excluding unamortized debt issuance costs, was fixed rate debt, while $248.0 million, or 11.4%, was variable rate debt. At December 31, 2023, $1,933.5 million, or 86.6%, of our total debt, excluding unamortized debt issuance costs, was fixed rate debt, while $299.0 million, or 13.4%, was variable rate debt. At September 30, 2024 and December 31, 2023, the fixed rate debt amounts include variable rate debt that has been effectively swapped to a fixed rate through the use of derivative instruments with an aggregate notional amount outstanding of $925.0 million that mitigate our exposure to our Unsecured Term Loans' variable interest rates, which are currently based on SOFR. The use of derivative financial instruments allows us to manage the negative effects that increases in interest rates would have on our earnings and cash flows. We designated all of the swaps related to our Unsecured Term Loans as cash flow hedges. Currently, we do not enter into financial instruments for trading or other speculative purposes.

For fixed rate debt, changes in interest rates generally affect the fair value of the debt, but not our earnings or cash flows. Conversely, for variable rate debt, changes in the base interest rate used to calculate the all-in interest rate generally do not impact the fair value of the debt, but would affect our future earnings and cash flows. The interest rate risk and changes in fair market value of fixed rate debt generally do not have a significant impact on us until we are required to refinance such debt. See Note 4 to the Consolidated Financial Statements for a discussion of the maturity dates of our various fixed rate debt.

Our variable rate debt is subject to risk based upon prevailing market interest rates. If the SOFR rate component relevant to our variable rate debt were to have increased 10%, we estimate that our interest expense during the nine months ended September 30, 2024 would have increased by approximately $1.2 million based on our average outstanding floating-rate debt during the nine months ended September 30, 2024. Additionally, if weighted average interest rates on our weighted average fixed rate debt during the nine months ended September 30, 2024 were to have increased by 10% due to refinancing, interest expense would have increased by approximately $5.6 million during the nine months ended September 30, 2024.

As of September 30, 2024, the estimated fair value of our debt was approximately $2,115.8 million based on our estimate of the then-current market interest rates.

43

Supplemental Earnings Measure

Investors in and industry analysts following the real estate industry utilize funds from operations ("FFO") and NOI as supplemental operating performance measures of an equity REIT. Historical cost accounting for real estate assets in accordance with accounting principles generally accepted in the United States of America ("GAAP") implicitly assumes that the value of real estate assets diminishes predictably over time through depreciation. Since real estate values instead have historically risen or fallen with market conditions, many industry analysts and investors prefer to supplement operating results that use historical cost accounting with measures such as FFO and NOI, among others. We provide information related to FFO and same store NOI ("SS NOI") both because such industry analysts are interested in such information, and because our management believes FFO and SS NOI are important performance measures. FFO and SS NOI are factors used by management in measuring our performance, including for purposes of determining the compensation of our executive officers under our 2024 incentive compensation plan.

Neither FFO nor SS NOI should be considered as a substitute for net income, or any other measures derived in accordance with GAAP. Neither FFO nor SS NOI represents cash generated from operating activities in accordance with GAAP and neither should be considered as an alternative to cash flow from operating activities as a measure of our liquidity, nor is either indicative of funds available for our cash needs, including our ability to make cash distributions.

Funds From Operations

The National Association of Real Estate Investment Trusts ("NAREIT") has recognized and defined for the real estate industry a supplemental measure of REIT operating performance, FFO, that excludes historical cost depreciation, among other items, from net income determined in accordance with GAAP. FFO is a non-GAAP financial measure. FFO is calculated by us in accordance with the definition adopted by the Board of Governors of NAREIT and may not be comparable to other similarly titled measures of other companies. In accordance with the NAREIT definition of FFO, we calculate FFO to be equal to net income available to First Industrial Realty Trust, Inc.'s common stockholders and participating securities, plus depreciation and other amortization of real estate, plus impairment of real estate, minus gain or plus loss on sale of real estate, net of any income tax provision or benefit associated with the sale of real estate. We also exclude the same adjustments from our share of net income from an unconsolidated joint venture.

Management believes that the use of FFO available to common stockholders and participating securities, combined with net income (which remains the primary measure of performance), improves the understanding of operating results of REITs among the investing public and makes comparisons of REIT operating results more meaningful. Management believes that, by excluding gains or losses related to sales of real estate assets, impairment of real estate assets and real estate asset depreciation and amortization, investors and analysts are able to identify the operating results of the long-term assets that form the core of a REIT's activity and use these operating results for assistance in comparing these operating results between periods or to those of different companies.

The following table shows a reconciliation of net income available to common stockholders and participating securities to the calculation of FFO available to common stockholders and participating securities for the three and nine months ended September 30, 2024 and 2023.


			Three Months Ended September 30,												Nine Months Ended September 30,
			2024						2023						2024						2023
			(In thousands)												(In thousands)
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities			$	99,363					$	75,012					$	219,133					$	185,615
Adjustments:
Depreciation and Other Amortization of Real Estate			43,332						40,940						127,827						120,843

Depreciation and Other Amortization of Real Estate in the Joint Venture			1,123						—						1,708						—
Gain on Sale of Real Estate			(56,814)						(34,368)						(93,801)						(47,421)
Gain on Sale of Real Estate (Including Incentive Fees) from the Joint Venture			(88)						(142)						(342)						(27,804)

Income Tax Provision - Excluded from FFO			2,949						—						3,832						6,997
Noncontrolling Interest Share of Adjustments			131						(145)						(1,207)						1,926
Funds from Operations Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities			$	89,996					$	81,297					$	257,150					$	240,156

44

Same Store Net Operating Income

SS NOI is a non-GAAP financial measure that provides a measure of rental operations and, as calculated by us, does not factor in depreciation and amortization, general and administrative expense, interest expense, income tax benefit and expense, equity in income or loss from joint venture, joint venture fees and joint venture development services expense. We define SS NOI as revenues minus property expenses such as real estate taxes, repairs and maintenance, property management, utilities, insurance and other expenses, minus the NOI of properties that are not same store properties and minus the impact of straight-line rent, above and below market rent amortization and lease termination fees. We exclude straight-line rent and above (below) market rent in calculating SS NOI because we believe it provides a better measure of actual cash basis rental growth for a year-over-year comparison. As so defined, SS NOI may not be comparable to same store net operating income or similar measures reported by other REITs that define same store properties or NOI differently. The major factors influencing SS NOI are occupancy levels, rental rate increases or decreases and tenant recoveries increases or decreases. Our success depends largely upon our ability to lease space and to recover the operating costs associated with those leases from our tenants.

The following table shows a reconciliation of the same store revenues and property expenses disclosed in the results of operations (and reconciled to revenues and expenses reflected on the statements of operations) to SS NOI for the three and nine months ended September 30, 2024 and 2023.


			Three Months Ended September 30,																		Nine Months Ended September 30,
			2024						2023						% Change						2024						2023						% Change
			(In thousands)																		(In thousands)
Same Store Revenues			$	149,035					$	142,764											$	442,611					$	423,933
Same Store Property Expenses			(35,394)						(35,460)												(106,892)						(102,082)
Same Store Net Operating Income Before Same Store Adjustments			$	113,641					$	107,304					5.9%						$	335,719					$	321,851					4.3%
Same Store Adjustments:

Straight-line Rent			2,436						(2,904)												(1,894)						(12,280)
Above / Below Market Rent Amortization			(616)						(1,171)												(2,118)						(2,576)
Lease Termination Fees			—						(41)												(177)						(275)

Same Store Net Operating Income			$	115,461					$	103,188					11.9%						$	331,530					$	306,720					8.1%

Subsequent Events

Subsequent to September 30, 2024, we sold three industrial properties for an aggregate sales price of $19.0 million, excluding transaction costs.

45


Item 3.			Quantitative and Qualitative Disclosures About Market Risk

Response to this item is included in Item 2, "Management's Discussion and Analysis of Financial Condition and Results of Operations" above.


Item 4.			Controls and Procedures

First Industrial Realty Trust, Inc.

The Company's management, including its principal executive officer and principal financial officer, have conducted an evaluation of the effectiveness of the Company's disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) as of the end of the period covered by this report. Based on the evaluation of these controls and procedures required by Exchange Act Rules 13a-15(b) or 15d-15(b), the Company's principal executive officer and principal financial officer have concluded that as of the end of such period the Company's disclosure controls and procedures were effective.

There has been no change in the Company's internal control over financial reporting that occurred during the fiscal quarter covered by this report that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting.

First Industrial, L.P.

The Company's management, including its principal executive officer and principal financial officer, on behalf of the Company in its capacity as the general partner of the Operating Partnership, have conducted an evaluation of the effectiveness of the Operating Partnership's disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) as of the end of the period covered by this report. Based on the evaluation of these controls and procedures required by Exchange Act Rules 13a-15(b) or 15d-15(b), the Company's principal executive officer and principal financial officer, on behalf of the Company in its capacity as the general partner of the Operating Partnership, have concluded that as of the end of such period the Operating Partnership's disclosure controls and procedures were effective.

There has been no change in the Operating Partnership's internal control over financial reporting that occurred during the fiscal quarter covered by this report that has materially affected, or is reasonably likely to materially affect, the Operating Partnership's internal control over financial reporting.

46

PART II: OTHER INFORMATION


Item 1.			Legal Proceedings

None.


Item 1A.			Risk Factors

There have been no material changes to the risk factors disclosed in our annual report on Form 10-K for the year ended December 31, 2023, except to the extent factual information disclosed elsewhere in this Form 10-Q relates to such risk factors. For a full description of these risk factors, please refer to "Item 1A. Risk Factors" in our annual report on Form 10-K for the year ended December 31, 2023.


Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds

None.


Item 3.			Defaults Upon Senior Securities

None.


Item 4.			Mine Safety Disclosures

None.


Item 5.			Other Information

During the three months ended September 30, 2024, none of the Company’s directors or officers adopted or terminated any Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K of the Securities Act of 1933).


Item 6.			Exhibits

The exhibits required by this item are set forth on the Exhibit Index attached hereto.

47

EXHIBIT INDEX


Exhibits						Description

31.1*						Certification of Principal Executive Officer of First Industrial Realty Trust, Inc. pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended

31.2*						Certification of Principal Financial Officer of First Industrial Realty Trust, Inc. pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended

31.3*						Certification of Principal Executive Officer of First Industrial Realty Trust, Inc., in its capacity as the sole general partner of First Industrial, L.P., pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended

31.4*						Certification of Principal Financial Officer of First Industrial Realty Trust, Inc., in its capacity as the sole general partner of First Industrial, L.P., pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended

32.1**						Certification of the Principal Executive Officer and Principal Financial Officer of First Industrial Realty Trust, Inc. pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

32.2**						Certification of the Principal Executive Officer and Principal Financial Officer of First Industrial Realty Trust, Inc., in its capacity as the sole general partner of First Industrial, L.P., pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

101.1*						The following financial statements from First Industrial Realty Trust, Inc.'s and First Industrial L.P.'s Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, formatted in XBRL: (i) Consolidated Balance Sheets (unaudited), (ii) Consolidated Statements of Operations (unaudited), (iii) Consolidated Statements of Comprehensive Income (unaudited), (iv) Consolidated Statement of Changes in Equity / Consolidated Statement of Changes in Partners' Capital (unaudited), (v) Consolidated Statements of Cash Flows (unaudited) and (vi) Notes to Consolidated Financial Statements (unaudited)

104						Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

_______________


*			Filed herewith.


**			Furnished herewith.

48

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


			FIRST INDUSTRIAL REALTY TRUST, INC.

			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)

Date: October 18, 2024


			FIRST INDUSTRIAL, L.P.

			By:			FIRST INDUSTRIAL REALTY TRUST, INC.
						as general partner

			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)

Date: October 18, 2024

49

EXHIBIT 31.1

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

PURSUANT TO SECTION 302 OF THE

SARBANES-OXLEY ACT OF 2002

I, Peter E. Baccile, certify that:

1.I have reviewed this quarterly report on Form 10-Q 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:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

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):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Date: October 18, 2024						/S/ PETER E. BACCILE
						Peter E. Baccile
						President and Chief Executive Officer (Principal Executive Officer)

EXHIBIT 31.2

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

PURSUANT TO SECTION 302 OF THE

SARBANES-OXLEY ACT OF 2002

I, Scott A. Musil, certify that:

1.I have reviewed this quarterly report on Form 10-Q 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:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

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):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Date: October 18, 2024						/S/ SCOTT A. MUSIL
						Scott A. Musil
						Chief Financial Officer (Principal Financial Officer)

EXHIBIT 31.3

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

PURSUANT TO SECTION 302 OF THE

SARBANES-OXLEY ACT OF 2002

I, Peter E. Baccile, certify that:

1.I have reviewed this quarterly report on Form 10-Q 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-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:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

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):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Date: October 18, 2024						/S/ PETER E. BACCILE
						Peter E. Baccile
						President and Chief Executive Officer (Principal Executive Officer)
						First Industrial Realty Trust, Inc.

EXHIBIT 31.4

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

PURSUANT TO SECTION 302 OF THE

SARBANES-OXLEY ACT OF 2002

I, Scott A. Musil, certify that:

1.I have reviewed this quarterly report on Form 10-Q 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-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:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

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):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Date: October 18, 2024						/S/ SCOTT A. MUSIL
						Scott A. Musil
						Chief Financial Officer (Principal Financial Officer)
						First Industrial Realty Trust, Inc.

EXHIBIT 32.1

CERTIFICATION

Accompanying Form 10-Q Report

of First Industrial Realty Trust, Inc.

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

(Chapter 63, Title 18 U.S.C. §1350(a) and (b))

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Chapter 63, Title 18 U.S.C. §1350(a) and (b)), each of the undersigned hereby certifies, to his knowledge, that the Quarterly Report on Form 10-Q for the period ended September 30, 2024 (the "Report") of First Industrial Realty Trust, Inc. (the “Company”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


Date: October 18, 2024						/S/ PETER E. BACCILE
						Peter E. Baccile
						President and Chief Executive Officer (Principal Executive Officer)


Date: October 18, 2024						/S/ SCOTT A. MUSIL
						Scott A. Musil
						Chief Financial Officer (Principal Financial Officer)

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request. The information contained in this written statement shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except as shall be expressly set forth by specific reference to such filing.

EXHIBIT 32.2

CERTIFICATION

Accompanying Form 10-Q Report

of First Industrial, L.P.

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

(Chapter 63, Title 18 U.S.C. §1350(a) and (b))

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Chapter 63, Title 18 U.S.C. §1350(a) and (b)), each of the undersigned hereby certifies, to his knowledge, that the Quarterly Report on Form 10-Q for the period ended September 30, 2024 (the "Report") of First Industrial, L.P. (the “Operating Partnership”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Operating Partnership.


Date: October 18, 2024									/S/ PETER E. BACCILE
									Peter E. Baccile
									President and Chief Executive Officer (Principal Executive Officer)
									First Industrial Realty Trust, Inc.

Date: October 18, 2024									/S/ SCOTT A. MUSIL
									Scott A. Musil
									Chief Financial Officer (Principal Financial Officer)
									First Industrial Realty Trust, Inc.

A signed original of this written statement required by Section 906 has been provided to the Operating Partnership and will be retained by the Operating Partnership and furnished to the Securities and Exchange Commission or its staff upon request. The information contained in this written statement shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except as shall be expressly set forth by specific reference to such filing.

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2024	Oct. 18, 2024
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	1-13102
Entity Registrant Name	FIRST INDUSTRIAL REALTY TRUST, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	36-3935116
Entity Address, Address Line One	One North Wacker Drive, Suite 4200
Entity Address, City or Town	Chicago
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60606
City Area Code	312
Local Phone Number	344-4300
Title of 12(b) Security	Common Stock, par value $.01 per share
Trading Symbol	FR
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Central Index Key	0000921825
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		132,348,500
First Industrial, L.P.
Entity Information [Line Items]
Document Type	10-Q
Document Period End Date	Sep. 30, 2024
Entity File Number	333-21873
Entity Registrant Name	FIRST INDUSTRIAL, L.P.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	36-3924586
Trading Symbol	FRFI
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001033128
Current Fiscal Year End Date	--12-31

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Investment in Real Estate:
Land	$ 1,761,864	$ 1,756,971
Buildings and Improvements	3,887,377	3,711,718
Construction in Progress	118,597	245,391
Less: Accumulated Depreciation	(1,062,272)	(1,009,335)
Net Investment in Real Estate	4,705,566	4,704,745
Real Estate and Other Assets Held for Sale, Net of Accumulated Depreciation and Amortization of $4,020 and $—	4,426	0
Operating Lease Right-of-Use Assets	19,896	24,211
Cash and Cash Equivalents	47,123	43,844
Restricted Cash	8,066	0
Tenant Accounts Receivable	5,526	10,993
Investment in Joint Venture	49,104	44,663
Deferred Rent Receivable	154,485	144,033
Prepaid Expenses and Other Assets, Net	206,328	203,276
Total Assets	5,200,520	5,175,765
Indebtedness:
Mortgage Loan Payable	9,728	9,978
Senior Unsecured Notes, Net	995,004	994,463
Unsecured Term Loans, Net	922,073	920,863
Unsecured Credit Facility	248,000	299,000
Accounts Payable, Accrued Expenses and Other Liabilities	142,875	143,429
Operating Lease Liabilities	17,652	21,992
Rents Received in Advance and Security Deposits	102,428	106,734
Dividends and Distributions Payable	50,970	44,201
Total Liabilities	2,488,730	2,540,660
First Industrial Realty Trust Inc.’s Stockholders’ Equity/First Industrial, L.P.'s Partners' Capital:
Common Stock ($0.01 par value, 225,000,000 shares authorized and 132,348,500 and 132,289,039 shares issued and outstanding)	1,323	1,323
Additional Paid-in Capital	2,421,738	2,411,673
Retained Earnings	199,713	127,707
Accumulated Other Comprehensive Income	9,633	22,272
Total First Industrial Realty Trust, Inc.'s Equity	2,632,407	2,562,975
Noncontrolling Interests	79,383	72,130
Total Equity	2,711,790	2,635,105
Total Liabilities and Equity/Partners' Capital	5,200,520	5,175,765
First Industrial, L.P.
Investment in Real Estate:
Land	1,761,864	1,756,971
Buildings and Improvements	3,887,377	3,711,718
Construction in Progress	118,597	245,391
Less: Accumulated Depreciation	(1,062,272)	(1,009,335)
Net Investment in Real Estate	4,705,566	4,704,745
Real Estate and Other Assets Held for Sale, Net of Accumulated Depreciation and Amortization of $4,020 and $—	4,426	0
Operating Lease Right-of-Use Assets	19,896	24,211
Cash and Cash Equivalents	47,123	43,844
Restricted Cash	8,066	0
Tenant Accounts Receivable	5,526	10,993
Investment in Joint Venture	49,104	44,663
Deferred Rent Receivable	154,485	144,033
Prepaid Expenses and Other Assets, Net	215,574	212,559
Total Assets	5,209,766	5,185,048
Indebtedness:
Mortgage Loan Payable	9,728	9,978
Senior Unsecured Notes, Net	995,004	994,463
Unsecured Term Loans, Net	922,073	920,863
Unsecured Credit Facility	248,000	299,000
Accounts Payable, Accrued Expenses and Other Liabilities	142,875	143,429
Operating Lease Liabilities	17,652	21,992
Rents Received in Advance and Security Deposits	102,428	106,734
Dividends and Distributions Payable	50,970	44,201
Total Liabilities	2,488,730	2,540,660
First Industrial Realty Trust Inc.’s Stockholders’ Equity/First Industrial, L.P.'s Partners' Capital:
General Partner Units (132,348,500 and 132,289,039 units outstanding)	2,578,826	2,505,150
Limited Partners Units (3,641,548 and 3,378,165 units outstanding)	124,596	109,003
Accumulated Other Comprehensive Income	9,899	22,842
Total First Industrial L.P.'s Partners' Capital	2,713,321	2,636,995
Noncontrolling Interests	7,715	7,393
Total Partners' Capital	2,721,036	2,644,388
Total Liabilities and Equity/Partners' Capital	$ 5,209,766	$ 5,185,048

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Net Investment in Real Estate	$ 4,705,566	$ 4,704,745
Real Estate and Other Assets Held for Sale, Net of Accumulated Depreciation and Amortization of $4,020 and $—	4,426	0
Real Estate and Other Assets Held for Sale, Accumulated Depreciation and Amortization	$ 4,020	$ 0
Common Stock, par value	$ 0.01	$ 0.01
Common Stock, shares authorized	225,000,000	225,000,000
Common Stock, shares issued	132,348,500	132,289,039
Common Stock, shares outstanding	132,348,500	132,289,039
First Industrial, L.P.
Net Investment in Real Estate	$ 4,705,566	$ 4,704,745
Real Estate and Other Assets Held for Sale, Net of Accumulated Depreciation and Amortization of $4,020 and $—	4,426	0
Real Estate and Other Assets Held for Sale, Accumulated Depreciation and Amortization	$ 4,020	$ 0
General Partner Units, units outstanding	132,348,500	132,289,039
Limited Partner Units, units outstanding	3,641,548	3,378,165
Other Real Estate Partnerships
Net Investment in Real Estate	$ 296,549	$ 302,869

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues:
Lease Revenue	$ 165,909	$ 152,517	$ 487,719	$ 448,073
Joint Venture Fees	413	822	1,686	3,738
Other Revenue	1,323	1,766	4,648	4,940
Total Revenues	167,645	155,105	494,053	456,751
Expenses:
Property Expenses	44,884	42,559	134,949	124,498
General and Administrative	9,230	8,456	30,632	27,330
Joint Venture Development Services Expense	208	559	1,005	2,690
Depreciation and Other Amortization	43,515	41,146	128,382	121,508
Total Expenses	97,837	92,720	294,968	276,026
Other Income (Expense):
Gain on Sale of Real Estate	56,814	34,368	93,801	47,421
Interest Expense	(20,836)	(19,906)	(62,859)	(53,923)
Amortization of Debt Issuance Costs	(911)	(905)	(2,735)	(2,714)
Total Other Income (Expense)	35,067	13,557	28,207	(9,216)
Income from Operations Before Equity in Income of Joint Venture and Income Tax Provision	104,875	75,942	227,292	171,509
Equity in Income of Joint Venture	599	1,530	3,161	30,598
Income Tax Provision	(3,301)	(333)	(4,906)	(7,959)
Net Income	102,173	77,139	225,547	194,148
Less: Net Income Attributable to the Noncontrolling Interests	(2,810)	(2,127)	(6,414)	(8,533)
Net Income Available to Common Stockholders / Unitholders and Participating Securities	99,363	75,012	219,133	185,615
Net Income Allocable to Participating Securities	(76)	(74)	(162)	(174)
Net Income Available to Common Stockholders / Unitholders	$ 99,287	$ 74,938	$ 218,971	$ 185,441
Basic and Diluted Earnings Per Share / Unit:
Net Income Available to Common Stockholders / Unitholders - Basic	$ 0.75	$ 0.57	$ 1.65	$ 1.40
Net Income Available to Common Stockholders / Unitholders - Diluted	$ 0.75	$ 0.57	$ 1.65	$ 1.40
Weighted Average Shares/Units Outstanding - Basic	132,370	132,264	132,366	132,241
Weighted Average Shares/Units Outstanding - Diluted	132,421	132,339	132,409	132,325
First Industrial, L.P.
Revenues:
Lease Revenue	$ 165,909	$ 152,517	$ 487,719	$ 448,073
Joint Venture Fees	413	822	1,686	3,738
Other Revenue	1,323	1,766	4,648	4,940
Total Revenues	167,645	155,105	494,053	456,751
Expenses:
Property Expenses	44,884	42,559	134,949	124,498
General and Administrative	9,230	8,456	30,632	27,330
Joint Venture Development Services Expense	208	559	1,005	2,690
Depreciation and Other Amortization	43,515	41,146	128,382	121,508
Total Expenses	97,837	92,720	294,968	276,026
Other Income (Expense):
Gain on Sale of Real Estate	56,814	34,368	93,801	47,421
Interest Expense	(20,836)	(19,906)	(62,859)	(53,923)
Amortization of Debt Issuance Costs	(911)	(905)	(2,735)	(2,714)
Total Other Income (Expense)	35,067	13,557	28,207	(9,216)
Income from Operations Before Equity in Income of Joint Venture and Income Tax Provision	104,875	75,942	227,292	171,509
Equity in Income of Joint Venture	599	1,530	3,161	30,598
Income Tax Provision	(3,301)	(333)	(4,906)	(7,959)
Net Income	102,173	77,139	225,547	194,148
Less: Net Income Attributable to the Noncontrolling Interests	(108)	(222)	(502)	(3,814)
Net Income Available to Common Stockholders / Unitholders and Participating Securities	102,065	76,917	225,045	190,334
Net Income Allocable to Participating Securities	(201)	(199)	(439)	(478)
Net Income Available to Common Stockholders / Unitholders	$ 101,864	$ 76,718	$ 224,606	$ 189,856
Basic and Diluted Earnings Per Share / Unit:
Net Income Available to Common Stockholders / Unitholders - Basic	$ 0.75	$ 0.57	$ 1.66	$ 1.41
Net Income Available to Common Stockholders / Unitholders - Diluted	$ 0.75	$ 0.57	$ 1.66	$ 1.40
Weighted Average Shares/Units Outstanding - Basic	135,099	134,704	135,088	134,697
Weighted Average Shares/Units Outstanding - Diluted	135,474	135,166	135,391	135,214

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net Income	$ 102,173	$ 77,139	$ 225,547	$ 194,148
Mark-to-Market (Loss) Gain on Derivative Instruments	(22,731)	7,536	(13,251)	12,352
Amortization of Derivative Instruments	103	103	308	308
Comprehensive Income	79,545	84,778	212,604	206,808
Comprehensive Income Attributable to Noncontrolling Interests	(2,205)	(2,319)	(6,068)	(8,851)
Comprehensive Income Attributable to Common Stockholders / Unitholders	77,340	82,459	206,536	197,957
First Industrial, L.P.
Net Income	102,173	77,139	225,547	194,148
Mark-to-Market (Loss) Gain on Derivative Instruments	(22,731)	7,536	(13,251)	12,352
Amortization of Derivative Instruments	103	103	308	308
Comprehensive Income	79,545	84,778	212,604	206,808
Comprehensive Income Attributable to Noncontrolling Interests	(108)	(222)	(502)	(3,814)
Comprehensive Income Attributable to Common Stockholders / Unitholders	$ 79,437	$ 84,556	$ 212,102	$ 202,994

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY/ PARTNERS' CAPITAL - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests	First Industrial, L.P.	First Industrial, L.P. General Partner Units	First Industrial, L.P. Limited Partner Units	First Industrial, L.P. Accumulated Other Comprehensive Income (Loss)	First Industrial, L.P. Noncontrolling Interests
Beginning Balance at Dec. 31, 2022	$ 2,530,299	$ 1,321	$ 2,401,334	$ 23,131	$ 33,412	$ 71,101
Beginning Balance at Dec. 31, 2022							$ 2,539,580	$ 2,395,601	$ 95,015	$ 34,186	$ 14,778
Increase (Decrease) in Equity / Partners' Capital [Roll Forward]
Net Income	60,775			55,967		4,808	60,775	55,947	1,447		3,381
Other Comprehensive Income (Loss)	(12,918)				(12,592)	(326)	(12,918)			(12,918)
Stock Based Compensation Activity	4,627	1	(412)	(710)		5,748
Stock Based Compensation Activity							4,627	(1,121)	5,748
Common Stock Dividends and Unit Distributions	(43,460)			(42,401)		(1,059)
Unit Distributions							(43,460)	(42,401)	(1,059)
Conversion of Limited Partner Units to Common Stock / General Partner Units	0		513			(513)	0	513	(513)
Reallocation - Additional Paid-in Capital	0		(1,166)			1,166
Reallocation - Other Comprehensive Income	0				(88)	88
Contributions from Noncontrolling Interests							1				1
Distributions to Noncontrolling Interests	(11,358)					(11,358)	(11,359)				(11,359)
Ending Balance at Mar. 31, 2023	2,527,965	1,322	2,400,269	35,987	20,732	69,655
Ending Balance at Mar. 31, 2023							2,537,246	2,408,539	100,638	21,268	6,801
Beginning Balance at Dec. 31, 2022	2,530,299	1,321	2,401,334	23,131	33,412	71,101
Beginning Balance at Dec. 31, 2022							2,539,580	2,395,601	95,015	34,186	14,778
Increase (Decrease) in Equity / Partners' Capital [Roll Forward]
Net Income	194,148						194,148
Conversion of Limited Partner Units to Common Stock / General Partner Units	0	0	1,060			(1,060)	0	1,060	(1,060)
Ending Balance at Sep. 30, 2023	2,606,703	1,323	2,407,348	80,856	45,674	71,502
Ending Balance at Sep. 30, 2023							2,616,000	2,456,472	105,597	46,846	7,085
Beginning Balance at Mar. 31, 2023	2,527,965	1,322	2,400,269	35,987	20,732	69,655
Beginning Balance at Mar. 31, 2023							2,537,246	2,408,539	100,638	21,268	6,801
Increase (Decrease) in Equity / Partners' Capital [Roll Forward]
Net Income	56,234			54,636		1,598	56,234	54,613	1,410		211
Other Comprehensive Income (Loss)	17,939				17,487	452	17,939			17,939
Stock Based Compensation Activity	3,218	1	1,288	(2)		1,931
Stock Based Compensation Activity							3,218	1,287	1,931
Common Stock Dividends and Unit Distributions	(43,453)			(42,404)		(1,049)
Unit Distributions							(43,453)	(42,404)	(1,049)
Conversion of Limited Partner Units to Common Stock / General Partner Units	0		151			(151)	0	151	(151)
Reallocation - Additional Paid-in Capital	0		1,689			(1,689)
Contributions from Noncontrolling Interests							2				2
Distributions to Noncontrolling Interests	(64)					(64)	(69)				(69)
Ending Balance at Jun. 30, 2023	2,561,839	1,323	2,403,397	48,217	38,219	70,683
Ending Balance at Jun. 30, 2023							2,571,117	2,422,186	102,779	39,207	6,945
Increase (Decrease) in Equity / Partners' Capital [Roll Forward]
Net Income	77,139			75,012		2,127	77,139	74,986	1,931		222
Other Comprehensive Income (Loss)	7,639				7,447	192	7,639			7,639
Stock Based Compensation Activity	3,437		1,277	0		2,160
Stock Based Compensation Activity							3,437	1,277	2,160
Common Stock Dividends and Unit Distributions	(43,250)			(42,373)		(877)
Unit Distributions							(43,250)	(42,373)	(877)
Conversion of Limited Partner Units to Common Stock / General Partner Units	0		396			(396)	0	396	(396)
Reallocation - Additional Paid-in Capital	0		2,278			(2,278)
Reallocation - Other Comprehensive Income	0				8	(8)
Contributions from Noncontrolling Interests							24				24
Distributions to Noncontrolling Interests	(101)					(101)	(106)				(106)
Ending Balance at Sep. 30, 2023	2,606,703	1,323	2,407,348	80,856	45,674	71,502
Ending Balance at Sep. 30, 2023							2,616,000	2,456,472	105,597	46,846	7,085
Beginning Balance at Dec. 31, 2023	2,635,105	1,323	2,411,673	127,707	22,272	72,130
Beginning Balance at Dec. 31, 2023							2,644,388	2,505,150	109,003	22,842	7,393
Increase (Decrease) in Equity / Partners' Capital [Roll Forward]
Net Income	70,498			68,452		2,046	70,498	68,404	1,871		223
Other Comprehensive Income (Loss)	10,423				10,146	277	10,423			10,423
Stock Based Compensation Activity	7,674	0	(323)	(6)		8,003
Stock Based Compensation Activity							7,674	(329)	8,003
Common Stock Dividends and Unit Distributions	(50,309)			(49,049)		(1,260)
Unit Distributions							(50,309)	(49,049)	(1,260)
Conversion of Limited Partner Units to Common Stock / General Partner Units	0	0	7			(7)	0	7	(7)
Retirement of Limited Partner Units	(25)					(25)	(25)		(25)
Reallocation - Additional Paid-in Capital	0		3,007			(3,007)
Reallocation - Other Comprehensive Income	0				(44)	44
Contributions from Noncontrolling Interests							5				5
Distributions to Noncontrolling Interests	(98)					(98)	(113)				(113)
Ending Balance at Mar. 31, 2024	2,673,268	1,323	2,414,364	147,104	32,374	78,103
Ending Balance at Mar. 31, 2024							2,682,541	2,524,183	117,585	33,265	7,508
Beginning Balance at Dec. 31, 2023	2,635,105	1,323	2,411,673	127,707	22,272	72,130
Beginning Balance at Dec. 31, 2023							2,644,388	2,505,150	109,003	22,842	7,393
Increase (Decrease) in Equity / Partners' Capital [Roll Forward]
Net Income	225,547						225,547
Conversion of Limited Partner Units to Common Stock / General Partner Units	0	0	62			(62)	0	62	(62)
Ending Balance at Sep. 30, 2024	2,711,790	1,323	2,421,738	199,713	9,633	79,383
Ending Balance at Sep. 30, 2024							2,721,036	2,578,826	124,596	9,899	7,715
Beginning Balance at Mar. 31, 2024	2,673,268	1,323	2,414,364	147,104	32,374	78,103
Beginning Balance at Mar. 31, 2024							2,682,541	2,524,183	117,585	33,265	7,508
Increase (Decrease) in Equity / Partners' Capital [Roll Forward]
Net Income	52,876			51,318		1,558	52,876	51,291	1,414		171
Other Comprehensive Income (Loss)	(738)				(720)	(18)	(738)			(738)
Stock Based Compensation Activity	3,866		1,131	0		2,735
Stock Based Compensation Activity							3,866	1,131	2,735
Common Stock Dividends and Unit Distributions	(50,048)			(49,009)		(1,039)
Unit Distributions							(50,048)	(49,009)	(1,039)
Reallocation - Additional Paid-in Capital	0		2,737			(2,737)
Reallocation - Other Comprehensive Income	0				(1)	1
Contributions from Noncontrolling Interests							9				9
Distributions to Noncontrolling Interests	(45)					(45)	(68)				(68)
Ending Balance at Jun. 30, 2024	2,679,179	1,323	2,418,232	149,413	31,653	78,558
Ending Balance at Jun. 30, 2024							2,688,438	2,527,596	120,695	32,527	7,620
Increase (Decrease) in Equity / Partners' Capital [Roll Forward]
Net Income	102,173			99,363		2,810	102,173	99,332	2,733		108
Other Comprehensive Income (Loss)	(22,628)				(22,023)	(605)	(22,628)			(22,628)
Stock Based Compensation Activity	3,547		906	0		2,641
Stock Based Compensation Activity							3,547	906	2,641
Common Stock Dividends and Unit Distributions	(50,402)			(49,063)		(1,339)
Unit Distributions							(50,402)	(49,063)	(1,339)
Conversion of Limited Partner Units to Common Stock / General Partner Units	0		55			(55)	0	55	(55)
Retirement of Limited Partner Units	(79)					(79)	(79)		(79)
Reallocation - Additional Paid-in Capital	0		2,545			(2,545)
Reallocation - Other Comprehensive Income	0				3	(3)
Contributions from Noncontrolling Interests							17				17
Distributions to Noncontrolling Interests							(30)				(30)
Ending Balance at Sep. 30, 2024	$ 2,711,790	$ 1,323	$ 2,421,738	$ 199,713	$ 9,633	$ 79,383
Ending Balance at Sep. 30, 2024							$ 2,721,036	$ 2,578,826	$ 124,596	$ 9,899	$ 7,715

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY / PARTNERS' CAPITAL (Parenthetical) - $ / shares	3 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
Dividends/Distributions Per Share/Unit	$ 0.37	$ 0.37	$ 0.37	$ 0.32	$ 0.32	$ 0.32
First Industrial, L.P.
Dividends/Distributions Per Share/Unit	$ 0.37	$ 0.37	$ 0.37	$ 0.32	$ 0.32	$ 0.32

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	$ 102,173	$ 77,139	$ 225,547	$ 194,148
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Depreciation			104,077	96,808
Amortization of Debt Issuance Costs	911	905	2,735	2,714
Other Amortization, Including Equity Based Compensation			27,404	25,136
Equity in Income of Joint Venture	(599)	(1,530)	(3,161)	(30,598)
Distributions from the Joint Venture			2,236	6,584
Gain on Sale of Real Estate	(56,814)	(34,368)	(93,801)	(47,421)
Straight-line Rental Income and Expense, Net			(12,151)	(15,891)
Increase in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net			(5,013)	(3,835)
Increase in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits			27,835	12,799
Net Cash Provided by Operating Activities			275,708	240,444
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions of Real Estate			(44,384)	(93,504)
Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs			(159,040)	(280,536)
Net Proceeds from Sales of Investments in Real Estate			135,544	58,440
Contributions to and Investments in Joint Venture			(3,942)	(10,060)
Other Investing Activity			4,317	2,780
Net Cash Used in Investing Activities			(67,505)	(322,880)
CASH FLOWS FROM FINANCING ACTIVITIES:
Financing Issuance Costs			0	(9)
Income Taxes Paid on Vested Equity Compensation			(2,070)	(2,510)
Common Stock Dividends and Unit Distributions Paid			(143,395)	(126,148)
Repayments on Mortgage Loan Payable			(250)	(240)
Proceeds from Unsecured Credit Facility			236,000	278,000
Repayments on Unsecured Credit Facility			(287,000)	(146,000)
Distributions to Noncontrolling Interests			(143)	(11,523)
Net Cash Used in Financing Activities			(196,858)	(8,430)
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash			11,345	(90,866)
Cash, Cash Equivalents and Restricted Cash, Beginning of Year			43,844	145,118
Cash, Cash Equivalents and Restricted Cash, End of Period	55,189	54,252	55,189	54,252
SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS:
Interest Expense Capitalized in Connection with Development Activity			6,327	11,013
Cash Paid for Operating Lease Liabilities			2,608	2,501
Supplemental Schedule of Non-Cash Operating Activities:
Operating Lease Liabilities Arising from Obtaining Right-of-Use Assets			354	661
Supplemental Schedule of Non-Cash Investing and Financing Activities:
Dividends and Distributions Payable	50,970	44,329	50,970	44,329
Exchange of Limited Partnership Units for Common Stock/General Partnership Units:
Conversion of Limited Partner Units to Common Stock / General Partner Units	0	0	0	0
Assumption of Liabilities in Connection with the Acquisition of Real Estate			688	351
Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate			34,310	66,855
Improvements Funded by Tenant			0	3,366
Write-off of Fully Depreciated Assets			(26,543)	(21,557)
Noncontrolling Interests
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	2,810	2,127
Exchange of Limited Partnership Units for Common Stock/General Partnership Units:
Conversion of Limited Partner Units to Common Stock / General Partner Units	(55)	(396)	(62)	(1,060)
Common Stock
Exchange of Limited Partnership Units for Common Stock/General Partnership Units:
Conversion of Limited Partner Units to Common Stock / General Partner Units			0	0
Additional Paid-in Capital
Exchange of Limited Partnership Units for Common Stock/General Partnership Units:
Conversion of Limited Partner Units to Common Stock / General Partner Units	55	396	62	1,060
First Industrial, L.P.
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	102,173	77,139	225,547	194,148
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Depreciation			104,077	96,808
Amortization of Debt Issuance Costs	911	905	2,735	2,714
Other Amortization, Including Equity Based Compensation			27,404	25,136
Equity in Income of Joint Venture	(599)	(1,530)	(3,161)	(30,598)
Distributions from the Joint Venture			2,236	6,584
Gain on Sale of Real Estate	(56,814)	(34,368)	(93,801)	(47,421)
Straight-line Rental Income and Expense, Net			(12,151)	(15,891)
Increase in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net			(4,976)	(3,851)
Increase in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits			27,835	12,799
Net Cash Provided by Operating Activities			275,745	240,428
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions of Real Estate			(44,384)	(93,504)
Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs			(159,040)	(280,536)
Net Proceeds from Sales of Investments in Real Estate			135,544	58,440
Contributions to and Investments in Joint Venture			(3,942)	(10,060)
Other Investing Activity			4,317	2,780
Net Cash Used in Investing Activities			(67,505)	(322,880)
CASH FLOWS FROM FINANCING ACTIVITIES:
Financing Issuance Costs			0	(9)
Income Taxes Paid on Vested Equity Compensation			(2,070)	(2,510)
Common Stock Dividends and Unit Distributions Paid			(143,395)	(126,148)
Contributions from Noncontrolling Interests			31	27
Repayments on Mortgage Loan Payable			(250)	(240)
Proceeds from Unsecured Credit Facility			236,000	278,000
Repayments on Unsecured Credit Facility			(287,000)	(146,000)
Distributions to Noncontrolling Interests			(211)	(11,534)
Net Cash Used in Financing Activities			(196,895)	(8,414)
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash			11,345	(90,866)
Cash, Cash Equivalents and Restricted Cash, Beginning of Year			43,844	145,118
Cash, Cash Equivalents and Restricted Cash, End of Period	55,189	54,252	55,189	54,252
SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS:
Interest Expense Capitalized in Connection with Development Activity			6,327	11,013
Cash Paid for Operating Lease Liabilities			2,608	2,501
Supplemental Schedule of Non-Cash Operating Activities:
Operating Lease Liabilities Arising from Obtaining Right-of-Use Assets			354	661
Supplemental Schedule of Non-Cash Investing and Financing Activities:
Dividends and Distributions Payable	50,970	44,329	50,970	44,329
Exchange of Limited Partnership Units for Common Stock/General Partnership Units:
Conversion of Limited Partner Units to Common Stock / General Partner Units	0	0	0	0
Assumption of Liabilities in Connection with the Acquisition of Real Estate			688	351
Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate			34,310	66,855
Improvements Funded by Tenant			0	3,366
Write-off of Fully Depreciated Assets			(26,543)	(21,557)
First Industrial, L.P. \| Limited Partner Units
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	2,733	1,931
Exchange of Limited Partnership Units for Common Stock/General Partnership Units:
Conversion of Limited Partner Units to Common Stock / General Partner Units	(55)	(396)	(62)	(1,060)
First Industrial, L.P. \| General Partner Units
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	99,332	74,986
Exchange of Limited Partnership Units for Common Stock/General Partnership Units:
Conversion of Limited Partner Units to Common Stock / General Partner Units	$ 55	$ 396	$ 62	$ 1,060

Organization	9 Months Ended
Organization	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization First Industrial Realty Trust, Inc. (the "Company") is a self-administered and fully integrated real estate company which owns, manages, acquires, sells, develops and redevelops industrial real estate. The Company is a Maryland corporation organized on August 10, 1993 and a real estate investment trust ("REIT") as defined in the Internal Revenue Code of 1986 (the "Code"). Unless stated otherwise or the context otherwise requires, the terms "we," "our" and "us" refer to the Company and its subsidiaries, including its operating partnership, First Industrial, L.P. (the "Operating Partnership"), and its consolidated subsidiaries. We began operations on July 1, 1994. The Company's operations are conducted primarily through the Operating Partnership, of which the Company is the sole general partner (the "General Partner"), with an approximate 97.3% ownership interest ("General Partner Units") at September 30, 2024. The Operating Partnership also conducts operations through several other limited partnerships (the "Other Real Estate Partnerships"), numerous limited liability companies ("LLCs") and certain taxable REIT subsidiaries ("TRSs"), the operating data of which, together with that of the Operating Partnership, is consolidated with that of the Company as presented herein. The Operating Partnership holds at least a 99% limited partnership interest in each of the Other Real Estate Partnerships. The general partners of the Other Real Estate Partnerships are separate corporations, wholly-owned by the Company, each with at least a .01% general partnership interest in the Other Real Estate Partnerships. The Company does not have any significant assets or liabilities other than its investment in the Operating Partnership and its 100% ownership interest in the general partners of the Other Real Estate Partnerships. The Company's noncontrolling interest in the Operating Partnership of approximately 2.7% at September 30, 2024 represents the aggregate partnership interest held by the limited partners thereof ("Limited Partner Units" and together with the General Partner Units, the "Units"). The limited partners of the Operating Partnership are persons or entities who contributed their direct or indirect interests in properties to the Operating Partnership in exchange for common Limited Partner Units of the Operating Partnership and/or recipients of RLP Units of the Operating Partnership (see Note 6) pursuant to the Company's stock incentive plan. Through a wholly-owned TRS of the Operating Partnership, we own an equity interest in a joint venture (the "Joint Venture"). We also provide various services to the Joint Venture. The Joint Venture is accounted for under the equity method of accounting. The operating data of the Joint Venture is not consolidated with that of the Company or the Operating Partnership as presented herein. See Note 5 for more information related to the Joint Venture. Profits, losses and distributions of the Operating Partnership, the LLCs, the Other Real Estate Partnerships, the TRSs and the Joint Venture are allocated to the general partner and the limited partners, the members or the shareholders, as applicable, of such entities in accordance with the provisions contained within their respective organizational documents. As of September 30, 2024, we owned 421 industrial properties located in 19 states, containing an aggregate of approximately 67.7 million square feet of gross leasable area ("GLA"). Of the 421 properties owned on a consolidated basis, none of them are directly owned by the Company.

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited interim Consolidated Financial Statements have been prepared in accordance with the accounting policies described in the Consolidated Financial Statements and related notes included in our annual report on Form 10-K for the year ended December 31, 2023 ("2023 Form 10-K") and should be read in conjunction with such Consolidated Financial Statements and related notes. The 2023 year end Consolidated Balance Sheet data included in this Form 10-Q filing was derived from the audited Consolidated Financial Statements in our 2023 Form 10-K, but does not include all disclosures required by accounting principles generally accepted in the United States of America ("GAAP"). The following notes to these interim Consolidated Financial Statements highlight significant changes to the notes included in the December 31, 2023 audited Consolidated Financial Statements included in our 2023 Form 10-K and present interim disclosures as required by the Securities and Exchange Commission. Use of Estimates In order to conform with GAAP, in preparation of our Consolidated Financial Statements we are required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of September 30, 2024 and December 31, 2023, and the reported amounts of revenues and expenses for the three and nine months ended September 30, 2024 and 2023. Actual results could differ from those estimates. In our opinion, the accompanying unaudited interim Consolidated Financial Statements reflect all adjustments necessary for a fair statement of our financial position as of September 30, 2024 and December 31, 2023, the results of our operations and comprehensive income for each of the three and nine months ended September 30, 2024 and 2023, and our cash flows for each of the nine months ended September 30, 2024 and 2023. All adjustments are of a normal recurring nature. Recent Accounting Pronouncements In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07, "Improvements to Reportable Segment Disclosures" ("ASU 2023-07"). ASU 2023-07 requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within the segment measure of profit or loss. ASU 2023-07 will be applied retrospectively and is effective for annual reporting periods in fiscal years beginning after December 15, 2023, and interim reporting periods in fiscal years beginning after December 31, 2024. We are currently evaluating ASU 2023-07 to determine its impact on our disclosures. In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU 2023-09"). ASU 2023-09 requires enhanced income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. ASU 2023-09 is effective for annual periods in fiscal years beginning after December 15, 2025, and should be applied either prospectively or retrospectively. We are currently evaluating ASU 2023-09 to determine its impact on our disclosures.

Investment in Real Estate

9 Months Ended

Sep. 30, 2024

Real Estate [Abstract]

Investment in Real Estate

Investment in Real Estate

Acquisitions

During the nine months ended September 30, 2024, we acquired five industrial properties totaling approximately 0.3 million square feet of GLA. We accounted for the properties as asset acquisitions and capitalized transaction costs to the basis of the acquired assets. The following table summarizes the allocation of the aggregate purchase price, excluding transaction costs, to each major asset class for the industrial properties acquired during the nine months ended September 30, 2024:


Land			$	16,475
Building and Improvements			24,635
In-Place Leases			3,209
Above Market Leases			333
Below Market Leases			(818)
Other Assets			931

Total Purchase Price			$	44,765

Sales

During the nine months ended September 30, 2024, we sold 17 industrial properties totaling approximately 1.0 million square feet of GLA. Gross proceeds from the sales were $138,257 and the gain on sale of real estate attributable to these sales was $93,801.

Real Estate Held for Sale

As of September 30, 2024, we had three industrial properties held for sale totaling approximately 0.2 million square feet of GLA.

Indebtedness

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Indebtedness

The following table discloses certain information regarding our indebtedness:


			Outstanding Balance at												Interest Rate at September 30, 2024						Effective Interest Rate at Issuance						Maturity Date
			September 30, 2024						December 31, 2023
Mortgage Loan Payable			$	9,728					$	9,978					4.17%						4.17%						8/1/2028



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						150,000						3.97%						4.23%						7/23/2029
2030 Private Placement Notes			150,000						150,000						3.96%						3.96%						2/15/2030
2030 II Private Placement Notes			100,000						100,000						2.74%						2.74%						9/17/2030
2032 Private Placement Notes			200,000						200,000						2.84%						2.84%						9/17/2032
Subtotal			$	998,571					$	998,571
Unamortized Debt Issuance Costs			(3,526)						(4,062)
Unamortized Discounts			(41)						(46)
Senior Unsecured Notes, Net			$	995,004					$	994,463
Unsecured Term Loans, Gross
2021 Unsecured Term Loan (A)			200,000						200,000						1.85%						N/A						7/7/2026
2022 Unsecured Term Loan (A)			425,000						425,000						3.64%						N/A						10/18/2027
2022 Unsecured Term Loan II (A)(B)			300,000						300,000						4.88%						N/A						8/12/2025
Subtotal			$	925,000					$	925,000
Unamortized Debt Issuance Costs			(2,927)						(4,137)
Unsecured Term Loans, Net			$	922,073					$	920,863
Unsecured Credit Facility (C)			$	248,000					$	299,000					5.71%						N/A						7/7/2025

_______________

(A) The interest rate at September 30, 2024 includes the impact of derivative instruments which effectively convert the variable rate of the debt to a fixed rate. See Note 10.

(B) At our option, we may extend the maturity pursuant to two, one-year extension options, subject to certain conditions.

(C) At our option, we may extend the maturity pursuant to two, six-month extension options, subject to certain conditions. Amounts exclude unamortized debt issuance costs of $1,043 and $2,036 as of September 30, 2024 and December 31, 2023, respectively, which are included in the line item Prepaid Expenses and Other Assets, Net.

Mortgage Loan Payable

As of September 30, 2024, the mortgage loan payable is collateralized by industrial properties with a net carrying value of $30,442. We believe the Operating Partnership and the Company were in compliance with all covenants relating to our mortgage loan as of September 30, 2024.

Indebtedness

The following is a schedule of the stated maturities and scheduled principal payments of our indebtedness, exclusive of discounts, debt issuance costs and the impact of extension options, for the next five years as of September 30, and thereafter:


			Amount
Remainder of 2024			$	84
2025			548,349
2026			200,364
2027			556,449
2028			190,453
Thereafter			685,600
Total			$	2,181,299

Our Unsecured Credit Facility, our Unsecured Term Loans, our senior notes issued in private placements ("Private Placement Notes") and the indentures governing our senior unsecured notes contain certain financial covenants, including limitations on incurrence of debt and debt service coverage. Under the Unsecured Credit Facility and the Unsecured Term Loans, an event of default can occur if the lenders, in their good faith judgment, determine that a material adverse change has occurred, which could prevent timely repayment or materially impair our ability to perform our obligations under the loan agreements. We believe the Operating Partnership and the Company were in compliance with all covenants relating to the Unsecured Credit Facility, the Unsecured Term Loans, the Private Placement Notes and the indentures governing our senior unsecured notes as of September 30, 2024; however, these financial covenants are complex and there can be no assurance that these provisions would not be interpreted by our lenders and noteholders in a manner that could impose and cause us to incur material costs.

Fair Value

At September 30, 2024 and December 31, 2023, the fair value of our indebtedness was as follows:


			September 30, 2024												December 31, 2023
			Carrying Amount (A)						Fair Value						Carrying Amount (A)						Fair Value
Mortgage Loan Payable			$	9,728					$	9,545					$	9,978					$	9,666
Senior Unsecured Notes, Net			998,530						933,230						998,525						902,042
Unsecured Term Loans			925,000						925,000						925,000						925,000
Unsecured Credit Facility			248,000						248,000						299,000						299,000
Total			$	2,181,258					$	2,115,775					$	2,232,503					$	2,135,708

_______________

(A) The carrying amounts include unamortized discounts and exclude unamortized debt issuance costs.

The fair value of our mortgage loan payable was determined by discounting the future cash flows using the current rates at which similar loans would be made based upon similar remaining maturities. The current market rate we utilized was internally estimated. The fair value of the senior unsecured notes was determined by using rates, as advised by our bankers, that are based upon recent trades within the same series of the senior unsecured notes, recent trades for senior unsecured notes with comparable maturities, recent trades for fixed rate unsecured notes from companies with profiles similar to ours, as well as overall economic conditions. The fair value of the Unsecured Credit Facility and the Unsecured Term Loans was determined by discounting the future cash flows using current rates, as advised by our bankers, at which similar loans would be made to borrowers with similar credit ratings and for the same remaining term, assuming no repayment until maturity. We have concluded that our determination of fair value for our mortgage loan payable, each of our senior unsecured notes and the Unsecured Term Loans was primarily based upon Level 3 inputs.

Variable Interest Entities

9 Months Ended

Sep. 30, 2024

Variable Interest Entities [Abstract]

Variable Interest Entities

Variable Interest Entities

Other Real Estate Partnerships

The Other Real Estate Partnerships are variable interest entities ("VIEs") of the Operating Partnership and the Operating Partnership is the primary beneficiary, thus causing the Other Real Estate Partnerships to be consolidated by the Operating Partnership. In addition, the Operating Partnership is a VIE of the Company and the Company is the primary beneficiary.

The following table summarizes the assets and liabilities of the Other Real Estate Partnerships included in our Consolidated Balance Sheets, net of intercompany amounts:


			September 30, 2024						December 31, 2023
ASSETS
Assets:
Net Investment in Real Estate			$	296,549					$	302,869


Operating Lease Right-of-Use Assets			12,842						12,910
Cash and Cash Equivalents			2,499						2,221

Deferred Rent Receivable			16,047						15,601
Prepaid Expenses and Other Assets, Net			15,764						12,945
Total Assets			$	343,701					$	346,546
LIABILITIES AND PARTNERS' CAPITAL
Liabilities:

Accounts Payable, Accrued Expenses and Other Liabilities			$	10,410					$	9,698
Operating Lease Liabilities			10,194						10,219
Rents Received in Advance and Security Deposits			7,633						8,368
Partners' Capital			315,464						318,261
Total Liabilities and Partners' Capital			$	343,701					$	346,546

Joint Venture

The Joint Venture was formed for the purpose of developing, leasing, operating and selling land located in the Phoenix, Arizona metropolitan area. We hold our Joint Venture interest through a consolidated partnership (the "Joint Venture Partnership") in which we hold an 88% interest and in which a third-party partner holds the remaining 12% interest. As we hold the power to direct the activities that most significantly impact the economic performance of the Joint Venture Partnership, we consolidate the Joint Venture Partnership and reflect our partner's share as Noncontrolling Interest (see Note 6). The Joint Venture Partnership holds a 49% interest in the unconsolidated Joint Venture, which we account for under the equity method of accounting. Excluding the minority interest holder's share, we own a 43% interest in the Joint Venture. The Joint Venture Partnership is held through a wholly-owned TRS of the Operating Partnership.

Under the operating agreement for the Joint Venture, we act as the managing member and are entitled to receive fees for providing management, leasing, development, construction supervision, disposition and asset management services. In addition, the Joint Venture's operating agreement provides us the ability to earn incentive fees based on the ultimate financial performance of the Joint Venture.

During the nine months ended September 30, 2024 and 2023, we earned fees of $2,113 and $4,693, respectively, from the Joint Venture, related to asset management, property management, leasing and development services we provided to the Joint Venture, of which we deferred recognition of $427 and $955, respectively, due to our economic interest in the Joint Venture. During the nine months ended September 30, 2024 and 2023, we incurred fees of $1,005 and $2,690, respectively, related to third-party development, property management and leasing services associated with the Joint Venture. At September 30, 2024 and December 31, 2023, we had a receivable from the Joint Venture of $190 and $138, respectively.

Net income of the Joint Venture for the nine months ended September 30, 2024 and 2023 was $4,581 and $44,334, respectively. Included in net income during the nine months ended September 30, 2024 was gain on sale of real estate of $495. The gain on sale of real estate recognized by the Joint Venture during the nine months ended September 30, 2024 relates to gain that was deferred on land sales during the years ended December 31, 2023 and 2022. The gain on sale was deferred because the Joint Venture was required to complete infrastructure work for the purchasers of the land. The deferred gain is being recognized under the percentage of completion method. Our economic share of the Joint Venture's gain on sale was $243. Included in net income of the Joint Venture during the nine months ended September 30, 2023 is gain on sale of real estate of $40,283 related to the sale of approximately 31 acres of land for which our economic share was $19,739. For the nine months ended September 30, 2024 and 2023, we earned incentive fees of $916 and $8,903, respectively, from the Joint Venture, which is reflected in the Equity In Income of Joint Venture line item in the Consolidated Statements of Operations.

During the nine months ended September 30, 2024, the Joint Venture substantially completed development of three buildings totaling an aggregate 1.8 million square feet of GLA (the "Project"). During the year ended December 31, 2022, in connection with the Project, the Joint Venture entered into a construction loan with a capacity of $149,514 with a third-party lender (the "Joint Venture Loan"). As of September 30, 2024 and December 31, 2023, the balance of the Joint Venture Loan is $125,807 and $95,711, respectively, excluding $384 and $730, respectively, of unamortized debt issuance costs. With respect to the Joint Venture Loan, we provided a completion guarantee to the lender and our third-party joint venture partner that requires the Company to timely complete construction of the Project. Total estimated investment for the Project is approximately $224,020 and the Joint Venture is using a third-party general contractor to develop the buildings pursuant to a guaranteed maximum price contract. We also provided a guarantee to the lender related to typical non-recourse exceptions and an environmental indemnity. It is not possible to estimate the amount of additional costs, if any, that we may incur in connection with our completion guarantees to the third-party lender and/or our joint venture partner as well as the non-recourse exception and environmental indemnity guarantees; however, we do not expect that we will be required to make any significant payments in satisfaction of these guarantees.

Equity of the Company and Partners' Capital of the Operating Partnership	9 Months Ended
	Sep. 30, 2024
Stockholders' Equity Note [Abstract]
Equity of the Company and Partners' Capital of the Operating Partnership	Equity of the Company and Partners' Capital of the Operating Partnership Noncontrolling Interest of the Company The equity positions of various individuals and entities that contributed their properties to the Operating Partnership in exchange for Limited Partner Units, as well as the equity positions of the holders of Limited Partner Units issued in connection with the grant of restricted limited partner Units ("RLP Units") pursuant to the Company's stock incentive plan, are collectively referred to as the “Noncontrolling Interests.” An RLP Unit is a class of limited partnership interest of the Operating Partnership that is structured as a "profits interest" for U.S. federal income tax purposes and is an award that is granted under our stock incentive plan (see Note 9). Generally, RLP Units entitle the holder to receive distributions from the Operating Partnership that are equivalent to the dividends and distributions that would be made with respect to the number of shares of Common Stock underlying such RLP Units, though receipt of such distributions may be delayed or made contingent on vesting. Once an RLP Unit has vested and received allocations of book income sufficient to increase the book capital account balance associated with such RLP Unit (which will initially be zero) equal to, on a per-unit basis, the book capital account balance associated with a "common" Limited Partner Unit of the Operating Partnership, it automatically becomes a common Limited Partner Unit that is convertible by the holder to one share of Common Stock or a cash equivalent, at the Company's option. Net income is allocated to the Noncontrolling Interests based on the weighted average ownership percentage during the period. Noncontrolling Interest - Joint Venture Our ownership interest in the Joint Venture is held through the Joint Venture Partnership with a third-party partner and we concluded that we hold the power to direct the activities that most significantly impact the economic performance of the Joint Venture Partnership. As a result, we consolidate the Joint Venture Partnership and reflect our partner's interest in the Joint Venture Partnership that invests in the Joint Venture as a Noncontrolling Interest. Our partner's share of the Joint Venture Partnership's income was $77 and $196 for the three months ended September 30, 2024 and 2023, respectively, and $397 and $3,746 for the nine months ended September 30, 2024 and 2023, respectively, and was reflected in the Equity in Income of Joint Venture and the Noncontrolling Interests line items in the Consolidated Statements of Operations. The Noncontrolling Interests line item in the Consolidated Balance Sheets includes our third-party partner's interest of $6,698 and $6,444 at September 30, 2024 and December 31, 2023, respectively. ATM Program On February 24, 2023, we entered into distribution agreements with a three-year term with certain sales agents to sell up to 16,000,000 shares of the Company's common stock, for up to $800,000 aggregate gross sales proceeds, from time to time in "at-the-market" offerings (the "ATM"). Under the terms of the ATM, sales are to be made through transactions that are deemed to be "at-the-market" offerings, including sales made directly on the New York Stock Exchange, sales made through a market maker other than on an exchange or sales made through privately negotiated transactions. During the nine months ended September 30, 2024, we did not issue any shares of the Company's common stock under the ATM.

Accumulated Other Comprehensive Income

9 Months Ended

Sep. 30, 2024

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Accumulated Other Comprehensive Income

Accumulated Other Comprehensive Income

The following table summarizes the changes in accumulated other comprehensive income by component for the Company and the Operating Partnership for the nine months ended September 30, 2024:


			Derivative Instruments						Accumulated Other Comprehensive Income of the Operating Partnership						Comprehensive (Loss) Income Attributable to Noncontrolling Interest of the Company						Accumulated Other Comprehensive Income of the Company
Balance as of December 31, 2023			$	22,842					$	22,842					$	(570)					$	22,272
Other Comprehensive Income Before Reclassifications			5,196						5,196						304						5,500
Amounts Reclassified from Accumulated Other Comprehensive Income			(18,139)						(18,139)						—						(18,139)
Net Current Period Other Comprehensive Loss			(12,943)						(12,943)						304						(12,639)
Balance as of September 30, 2024			$	9,899					$	9,899					$	(266)					$	9,633

The following table summarizes the reclassifications out of accumulated other comprehensive income for both the Company and the Operating Partnership for the three and nine months ended September 30, 2024 and 2023:


						Amounts Reclassified from Accumulated Other Comprehensive Income
Details about Accumulated Other Comprehensive Income Components						Three Months Ended September 30, 2024						Three Months Ended September 30, 2023						Nine Months Ended September 30, 2024						Nine Months Ended September 30, 2023						Affected Line Items in the Consolidated Statements of Operations
Derivative Instruments:
Amortization of Previously Settled Derivative Instruments						$	103					$	103					$	308					$	308					Interest Expense
Net Settlement Receipts from our Counterparties						(6,162)						(6,003)						(18,447)						(15,376)						Interest Expense

Total						$	(6,059)					$	(5,900)					$	(18,139)					$	(15,068)

The change in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in other comprehensive income and is subsequently reclassified to earnings through interest expense over the life of the derivative or over the life of the debt. In the next 12 months, we expect to amortize approximately $410 into net income by increasing interest expense for derivative instruments we settled in previous periods. Additionally, recurring settlement amounts on the 2021 Swaps, the 2022 Swaps and the 2022 II Swaps (all defined in Note 10) will also be reclassified to net income.

Earnings Per Share / Unit (EPS / EPU)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Earnings Per Share / Unit (EPS / EPU)

Earnings Per Share and Earnings Per Unit ("EPS"/"EPU")

The computation of basic and diluted EPS of the Company is presented below:


			Three Months Ended September 30, 2024						Three Months Ended September 30, 2023						Nine Months Ended September 30, 2024						Nine Months Ended September 30, 2023
Numerator:



Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders			$	99,287					$	74,938					$	218,971					$	185,441
Denominator (In Thousands):
Weighted Average Shares - Basic			132,370						132,264						132,366						132,241
Effect of Dilutive Securities:
Performance Units (See Note 9)			51						75						43						84
Weighted Average Shares - Diluted			132,421						132,339						132,409						132,325
Basic and Diluted EPS:
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders			$	0.75					$	0.57					$	1.65					$	1.40

The computation of basic and diluted EPU of the Operating Partnership is presented below:


			Three Months Ended September 30, 2024						Three Months Ended September 30, 2023						Nine Months Ended September 30, 2024						Nine Months Ended September 30, 2023
Numerator:


Net Income Available to Unitholders			$	101,864					$	76,718					$	224,606					$	189,856
Denominator (In Thousands):
Weighted Average Units - Basic			135,099						134,704						135,088						134,697
Effect of Dilutive Securities:
Performance Units and certain Performance RLP Units (See Note 9)			375						462						303						517
Weighted Average Units - Diluted			135,474						135,166						135,391						135,214
Basic EPU:
Net Income Available to Unitholders			$	0.75					$	0.57					$	1.66					$	1.41
Diluted EPU:
Net Income Available to Unitholders			$	0.75					$	0.57					$	1.66					$	1.40

At September 30, 2024 and 2023, participating securities for the Company included 93,952 and 129,019, respectively, of Service Awards (see Note 9), which participate in non-forfeitable distributions. At September 30, 2024 and 2023, participating securities for the Operating Partnership included 261,246 and 351,796, respectively, of Service Awards and certain Performance Awards (see Note 9), which participate in non-forfeitable distributions. Under the two-class method, participating security holders are allocated income, in proportion to total weighted average shares or Units outstanding, based upon the greater of net income or common stock dividends or Unit distributions declared.

Long-Term Compensation	9 Months Ended
Long-Term Compensation	Sep. 30, 2024
Share-Based Payment Arrangement, Noncash Expense [Abstract]
Long-Term Compensation	Long-Term Compensation Awards with Performance Measures During the nine months ended September 30, 2024, 46,947 performance units ("Performance Units") and 263,159 RLP Units ("Performance RLP Units" and, together with the Performance Units, collectively the "Performance Awards") were granted to certain employees based on performance-based criteria, which had a fair value of approximately $9,281 on the grant date as determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation. A portion of each Performance Award vests based upon the total shareholder return ("TSR") of the Company's common stock compared to the TSR of the FTSE Nareit All Equity Index and the remainder vests based upon the TSR of the Company’s common stock compared to a specified group of peer industrial real estate companies. The performance period for these Performance Awards is three years. Compensation expense is charged to earnings over the applicable vesting period for the Performance Awards. At the end of the measuring period, vested Performance Units convert into shares of common stock. Service Based Awards For the nine months ended September 30, 2024, 61,168 shares of restricted stock units ("Service Units") and 102,548 RLP Units ("Service RLP Units" and together with the Service Units, collectively the "Service Awards") were granted to certain employees and outside directors based on service-based criteria, which had an aggregate fair value of approximately $8,408 on the grant date. The fair value of the Service Awards is based on the Company's stock price on the date such awards were approved by the Compensation Committee of the Board of Directors. The Service Awards awarded to employees were based on the prior achievement of certain corporate performance goals and generally vest ratably over three years based on continued employment. Service Awards granted to outside directors vest after one year. Compensation expense is charged to earnings over the vesting periods for the Service Awards. At the end of the service period, vested Service Units convert into shares of common stock. Retirement Eligibility All award agreements issued underlying Performance Awards and Service Awards contain a retirement eligibility policy for employees with at least 10 years of continuous service and are at least 60 years old. For employees that meet the age and service eligibility requirements, their awards are non-forfeitable. As such, during the nine months ended September 30, 2024, we expensed 100% of the awards granted to retirement-eligible employees at the grant date as if fully vested. For employees who will meet the age and service eligibility requirements during the normal vesting periods, the grants are amortized over the shorter service period. Additionally, our Chief Executive Officer's employment agreement contains a retirement provision, which provides for all of his outstanding Performance Awards and Service Awards to be non-forfeitable effective December 31, 2024. As such, his Performance Awards and Service Awards granted during the nine months ended September 30, 2024 are amortized over one year versus three years. Outstanding Performance Awards and Service Awards We recognized $3,581 and $3,437 for the three months ended September 30, 2024 and 2023, respectively, and $16,563 and $12,846 for the nine months ended September 30, 2024 and 2023, respectively, in compensation expense related to the amortization of the Service Awards and the Performance Awards. Service Award and Performance Award amortization capitalized in connection with development activities was $235 and $456 for the three months ended September 30, 2024 and 2023, respectively, and $2,328 and $2,592 for the nine months ended September 30, 2024 and 2023, respectively. At September 30, 2024, we had $11,066 in unrecognized compensation related to unvested Service Awards and Performance Awards. The weighted average period over which the unrecognized compensation is expected to be recognized is 0.79 years.

Derivative Instruments

9 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments

Our objectives in using derivatives are to add stability to interest expense and to manage our cash flow volatility and exposure to interest rate movements. To accomplish these objectives, we primarily use derivative instruments as part of our interest rate risk management strategy. Derivative instruments designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for fixed-rate payments over the life of the agreements without exchange of the underlying notional amount.

We have interest rate swaps to manage our exposure to changes in SOFR related to our Unsecured Term Loans. We have three interest rate swaps with an aggregate notional value of $200,000, that fixed the SOFR rate component at 0.90% at September 30, 2024 and mature on February 2, 2026 (the "2021 Swaps").

We have eight interest rate swaps with an aggregate notional value of $425,000 that fix the SOFR rate component at 2.69% and mature on September 30, 2027 (the "2022 Swaps").

We have seven interest rate swaps, with an aggregate notional value of $300,000 that fix the SOFR rate component at 3.93% (the "2022 II Swaps"). $150,000 of the 2022 II Swaps' aggregate notional value matures on December 1, 2025 and the remaining $150,000 of the 2022 II Swaps' aggregate notional value matures on August 1, 2027. We have designated the 2021 Swaps, the 2022 Swaps and the 2022 II Swaps as cash flow hedges.

Our agreements with our derivative counterparties contain certain cross-default provisions that may be triggered in the event that our other indebtedness is in default, subject to certain thresholds. As of September 30, 2024, we had not posted any collateral related to these agreements and were not in breach of any of the provisions of these agreements. If we had breached these agreements, we could have been required to settle our obligations under the agreements at their termination value.

The following table sets forth our financial assets and liabilities related to the 2021 Swaps, the 2022 Swaps and the 2022 II Swaps, which are included in the line items Prepaid Expenses and Other Assets, Net or Accounts Payable, Accrued Expenses and Other Liabilities on the Consolidated Balance Sheets and are accounted for at fair value on a recurring basis as of September 30, 2024 and December 31, 2023:


												Fair Value Measurements:
Description						Fair Value at September 30, 2024						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Unobservable Inputs (Level 3)
Derivatives designated as a hedging instrument:
Assets:
2021 Swaps						$	7,207					—						$	7,207					—
2022 Swaps						$	7,107					—						$	7,107					—

Liabilities:

2022 II Swaps						$	(2,539)					—						$	(2,539)					—




						Fair Value at December 31, 2023
Derivatives designated as a hedging instrument:
Assets:
2021 Swaps						$	12,517					—						$	12,517					—
2022 Swaps						$	13,285					—						$	13,285					—
Liabilities:
2022 II Swaps						$	(776)					—						$	(776)					—

There was no ineffectiveness recorded on the 2021 Swaps, the 2022 Swaps or the 2022 II Swaps during the nine months ended September 30, 2024. See Note 7 for more information regarding our derivatives.

The estimated fair value of the 2021 Swaps, the 2022 Swaps and the 2022 II Swaps was determined using the market standard methodology of netting the discounted fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on an expectation of interest rates (forward curves) derived from observable market interest rate curves. In addition, credit valuation adjustments are incorporated in the fair value to account for potential non-performance risk, including our own non-performance risk and the respective counterparty's non-performance risk. We determined that the significant inputs used to value the 2021 Swaps, the 2022 Swaps and the 2022 II Swaps fell within Level 2 of the fair value hierarchy.

Related Party Transactions	9 Months Ended
Related Party Transactions	Sep. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions Disclosure [Text Block]	Related Party Transactions At September 30, 2024 and December 31, 2023, the Operating Partnership had receivable balances of $9,242 and $9,288, respectively, from a direct wholly-owned subsidiary of the Company. Additionally, see Note 5 for transactions with our joint venture.

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies In the normal course of business, we are involved in legal actions arising from the ownership of our industrial properties. In our opinion, the liabilities, if any, that may ultimately result from such legal actions are not expected to have a materially adverse effect on our consolidated financial position, operations or liquidity. In conjunction with the development of industrial properties, we have entered into agreements with general contractors for the construction of industrial properties. At September 30, 2024, we had five development projects totaling approximately 1.3 million square feet of GLA under construction. The estimated total investment as of September 30, 2024 is approximately $183,400. Of this amount, approximately $129,200 remains to be funded. There can be no assurance that the actual completion cost will not exceed the estimated total investment.

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsSubsequent to September 30, 2024, we sold three industrial properties for an aggregate sales price of $19,000, excluding transaction costs.

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income Available to Common Stockholders / Unitholders and Participating Securities	$ 99,363	$ 75,012	$ 219,133	$ 185,615

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited interim Consolidated Financial Statements have been prepared in accordance with the accounting policies described in the Consolidated Financial Statements and related notes included in our annual report on Form 10-K for the year ended December 31, 2023 ("2023 Form 10-K") and should be read in conjunction with such Consolidated Financial Statements and related notes. The 2023 year end Consolidated Balance Sheet data included in this Form 10-Q filing was derived from the audited Consolidated Financial Statements in our 2023 Form 10-K, but does not include all disclosures required by accounting principles generally accepted in the United States of America ("GAAP"). The following notes to these interim Consolidated Financial Statements highlight significant changes to the notes included in the December 31, 2023 audited Consolidated Financial Statements included in our 2023 Form 10-K and present interim disclosures as required by the Securities and Exchange Commission.
Use of Estimates	Use of Estimates In order to conform with GAAP, in preparation of our Consolidated Financial Statements we are required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of September 30, 2024 and December 31, 2023, and the reported amounts of revenues and expenses for the three and nine months ended September 30, 2024 and 2023. Actual results could differ from those estimates. In our opinion, the accompanying unaudited interim Consolidated Financial Statements reflect all adjustments necessary for a fair statement of our financial position as of September 30, 2024 and December 31, 2023, the results of our operations and comprehensive income for each of the three and nine months ended September 30, 2024 and 2023, and our cash flows for each of the nine months ended September 30, 2024 and 2023. All adjustments are of a normal recurring nature.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07, "Improvements to Reportable Segment Disclosures" ("ASU 2023-07"). ASU 2023-07 requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within the segment measure of profit or loss. ASU 2023-07 will be applied retrospectively and is effective for annual reporting periods in fiscal years beginning after December 15, 2023, and interim reporting periods in fiscal years beginning after December 31, 2024. We are currently evaluating ASU 2023-07 to determine its impact on our disclosures. In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU 2023-09"). ASU 2023-09 requires enhanced income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. ASU 2023-09 is effective for annual periods in fiscal years beginning after December 15, 2025, and should be applied either prospectively or retrospectively. We are currently evaluating ASU 2023-09 to determine its impact on our disclosures.

Investment in Real Estate Investment in Real Estate (Tables)

9 Months Ended

Sep. 30, 2024

Real Estate [Abstract]

Summary of Acquisition Purchase Price Allocation


Land			$	16,475
Building and Improvements			24,635
In-Place Leases			3,209
Above Market Leases			333
Below Market Leases			(818)
Other Assets			931

Total Purchase Price			$	44,765

Indebtedness (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Summary of Indebtedness

The following table discloses certain information regarding our indebtedness:


			Outstanding Balance at												Interest Rate at September 30, 2024						Effective Interest Rate at Issuance						Maturity Date
			September 30, 2024						December 31, 2023
Mortgage Loan Payable			$	9,728					$	9,978					4.17%						4.17%						8/1/2028



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						150,000						3.97%						4.23%						7/23/2029
2030 Private Placement Notes			150,000						150,000						3.96%						3.96%						2/15/2030
2030 II Private Placement Notes			100,000						100,000						2.74%						2.74%						9/17/2030
2032 Private Placement Notes			200,000						200,000						2.84%						2.84%						9/17/2032
Subtotal			$	998,571					$	998,571
Unamortized Debt Issuance Costs			(3,526)						(4,062)
Unamortized Discounts			(41)						(46)
Senior Unsecured Notes, Net			$	995,004					$	994,463
Unsecured Term Loans, Gross
2021 Unsecured Term Loan (A)			200,000						200,000						1.85%						N/A						7/7/2026
2022 Unsecured Term Loan (A)			425,000						425,000						3.64%						N/A						10/18/2027
2022 Unsecured Term Loan II (A)(B)			300,000						300,000						4.88%						N/A						8/12/2025
Subtotal			$	925,000					$	925,000
Unamortized Debt Issuance Costs			(2,927)						(4,137)
Unsecured Term Loans, Net			$	922,073					$	920,863
Unsecured Credit Facility (C)			$	248,000					$	299,000					5.71%						N/A						7/7/2025

_______________

(A) The interest rate at September 30, 2024 includes the impact of derivative instruments which effectively convert the variable rate of the debt to a fixed rate. See Note 10.

(B) At our option, we may extend the maturity pursuant to two, one-year extension options, subject to certain conditions.

(C) At our option, we may extend the maturity pursuant to two, six-month extension options, subject to certain conditions. Amounts exclude unamortized debt issuance costs of $1,043 and $2,036 as of September 30, 2024 and December 31, 2023, respectively, which are included in the line item Prepaid Expenses and Other Assets, Net.

Schedule of Maturities

The following is a schedule of the stated maturities and scheduled principal payments of our indebtedness, exclusive of discounts, debt issuance costs and the impact of extension options, for the next five years as of September 30, and thereafter:


			Amount
Remainder of 2024			$	84
2025			548,349
2026			200,364
2027			556,449
2028			190,453
Thereafter			685,600
Total			$	2,181,299

Summary of Indebtedness at Estimated Fair Value

At September 30, 2024 and December 31, 2023, the fair value of our indebtedness was as follows:


			September 30, 2024												December 31, 2023
			Carrying Amount (A)						Fair Value						Carrying Amount (A)						Fair Value
Mortgage Loan Payable			$	9,728					$	9,545					$	9,978					$	9,666
Senior Unsecured Notes, Net			998,530						933,230						998,525						902,042
Unsecured Term Loans			925,000						925,000						925,000						925,000
Unsecured Credit Facility			248,000						248,000						299,000						299,000
Total			$	2,181,258					$	2,115,775					$	2,232,503					$	2,135,708

_______________

(A) The carrying amounts include unamortized discounts and exclude unamortized debt issuance costs.

Variable Interest Entities (Tables)

9 Months Ended

Sep. 30, 2024

Variable Interest Entities [Abstract]

Other Real Estate Partnerships' Summarized Balance Sheet

The following table summarizes the assets and liabilities of the Other Real Estate Partnerships included in our Consolidated Balance Sheets, net of intercompany amounts:


			September 30, 2024						December 31, 2023
ASSETS
Assets:
Net Investment in Real Estate			$	296,549					$	302,869


Operating Lease Right-of-Use Assets			12,842						12,910
Cash and Cash Equivalents			2,499						2,221

Deferred Rent Receivable			16,047						15,601
Prepaid Expenses and Other Assets, Net			15,764						12,945
Total Assets			$	343,701					$	346,546
LIABILITIES AND PARTNERS' CAPITAL
Liabilities:

Accounts Payable, Accrued Expenses and Other Liabilities			$	10,410					$	9,698
Operating Lease Liabilities			10,194						10,219
Rents Received in Advance and Security Deposits			7,633						8,368
Partners' Capital			315,464						318,261
Total Liabilities and Partners' Capital			$	343,701					$	346,546

Accumulated Other Comprehensive Income (Tables)

9 Months Ended

Sep. 30, 2024

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Schedule of Accumulated Other Comprehensive Income

The following table summarizes the changes in accumulated other comprehensive income by component for the Company and the Operating Partnership for the nine months ended September 30, 2024:


			Derivative Instruments						Accumulated Other Comprehensive Income of the Operating Partnership						Comprehensive (Loss) Income Attributable to Noncontrolling Interest of the Company						Accumulated Other Comprehensive Income of the Company
Balance as of December 31, 2023			$	22,842					$	22,842					$	(570)					$	22,272
Other Comprehensive Income Before Reclassifications			5,196						5,196						304						5,500
Amounts Reclassified from Accumulated Other Comprehensive Income			(18,139)						(18,139)						—						(18,139)
Net Current Period Other Comprehensive Loss			(12,943)						(12,943)						304						(12,639)
Balance as of September 30, 2024			$	9,899					$	9,899					$	(266)					$	9,633

Reclassification Out of Accumulated Other Comprehensive Income

The following table summarizes the reclassifications out of accumulated other comprehensive income for both the Company and the Operating Partnership for the three and nine months ended September 30, 2024 and 2023:


						Amounts Reclassified from Accumulated Other Comprehensive Income
Details about Accumulated Other Comprehensive Income Components						Three Months Ended September 30, 2024						Three Months Ended September 30, 2023						Nine Months Ended September 30, 2024						Nine Months Ended September 30, 2023						Affected Line Items in the Consolidated Statements of Operations
Derivative Instruments:
Amortization of Previously Settled Derivative Instruments						$	103					$	103					$	308					$	308					Interest Expense
Net Settlement Receipts from our Counterparties						(6,162)						(6,003)						(18,447)						(15,376)						Interest Expense

Total						$	(6,059)					$	(5,900)					$	(18,139)					$	(15,068)

Earnings Per Share / Unit (EPS / EPU) (Tables)

9 Months Ended

Sep. 30, 2024

Computation of Basic and Diluted Earnings Per Share / Unit

The computation of basic and diluted EPS of the Company is presented below:


			Three Months Ended September 30, 2024						Three Months Ended September 30, 2023						Nine Months Ended September 30, 2024						Nine Months Ended September 30, 2023
Numerator:



Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders			$	99,287					$	74,938					$	218,971					$	185,441
Denominator (In Thousands):
Weighted Average Shares - Basic			132,370						132,264						132,366						132,241
Effect of Dilutive Securities:
Performance Units (See Note 9)			51						75						43						84
Weighted Average Shares - Diluted			132,421						132,339						132,409						132,325
Basic and Diluted EPS:
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders			$	0.75					$	0.57					$	1.65					$	1.40

First Industrial, L.P.

Computation of Basic and Diluted Earnings Per Share / Unit

The computation of basic and diluted EPU of the Operating Partnership is presented below:


			Three Months Ended September 30, 2024						Three Months Ended September 30, 2023						Nine Months Ended September 30, 2024						Nine Months Ended September 30, 2023
Numerator:


Net Income Available to Unitholders			$	101,864					$	76,718					$	224,606					$	189,856
Denominator (In Thousands):
Weighted Average Units - Basic			135,099						134,704						135,088						134,697
Effect of Dilutive Securities:
Performance Units and certain Performance RLP Units (See Note 9)			375						462						303						517
Weighted Average Units - Diluted			135,474						135,166						135,391						135,214
Basic EPU:
Net Income Available to Unitholders			$	0.75					$	0.57					$	1.66					$	1.41
Diluted EPU:
Net Income Available to Unitholders			$	0.75					$	0.57					$	1.66					$	1.40

Derivatives (Tables)

9 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Fair Value Measurements on Recurring Basis

The following table sets forth our financial assets and liabilities related to the 2021 Swaps, the 2022 Swaps and the 2022 II Swaps, which are included in the line items Prepaid Expenses and Other Assets, Net or Accounts Payable, Accrued Expenses and Other Liabilities on the Consolidated Balance Sheets and are accounted for at fair value on a recurring basis as of September 30, 2024 and December 31, 2023:


												Fair Value Measurements:
Description						Fair Value at September 30, 2024						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Unobservable Inputs (Level 3)
Derivatives designated as a hedging instrument:
Assets:
2021 Swaps						$	7,207					—						$	7,207					—
2022 Swaps						$	7,107					—						$	7,107					—

Liabilities:

2022 II Swaps						$	(2,539)					—						$	(2,539)					—




						Fair Value at December 31, 2023
Derivatives designated as a hedging instrument:
Assets:
2021 Swaps						$	12,517					—						$	12,517					—
2022 Swaps						$	13,285					—						$	13,285					—
Liabilities:
2022 II Swaps						$	(776)					—						$	(776)					—

Organization - Additional Information (Details) ft² in Millions	9 Months Ended
	Sep. 30, 2024 ft² Property State
Organization [Line Items]
Number of industrial properties \| Property	421
Number of states in which industrial properties are located \| State	19
Gross leasable area (GLA) of industrial properties owned \| ft²	67.7
Ownership
Organization [Line Items]
Company's ownership interest	97.30%
Limited partners' ownership interest in the Operating Partnership	2.70%
Other Real Estate Partnerships
Organization [Line Items]
Company's ownership interest	100.00%
Operating Partnership's minimum ownership interest in the Other Real Estate Partnerships	99.00%
General partners' minimum ownership interest in the Other Real Estate Partnerships	0.01%

Investment in Real Estate - Additional Information (Details) $ in Thousands, ft² in Millions	9 Months Ended
	Sep. 30, 2024 USD ($) ft² Property
Real Estate Properties [Line Items]
Number of industrial properties \| Property	421
Gross leasable area (GLA) of industrial properties \| ft²	67.7
Acquisition Activity
Real Estate Properties [Line Items]
Number of industrial properties \| Property	5
Gross leasable area (GLA) of industrial properties \| ft²	0.3
Acquisition Activity \| Above Market Leases [Member]
Real Estate Properties [Line Items]
Acquired finite lived intangible assets, fair value \| $	$ (333)
Disposition Activity
Real Estate Properties [Line Items]
Number of industrial properties \| Property	17
Gross leasable area (GLA) of industrial properties \| ft²	1.0
Proceeds from Sale of Real Estate \| $	$ 138,257
Gain on sale of real estate \| $	$ 93,801
Held for Sale Activity
Real Estate Properties [Line Items]
Number of industrial properties \| Property	3
Gross leasable area (GLA) of industrial properties \| ft²	0.2

Investment in Real Estate Investment in Real Estate - Summary of Purchase Price Allocation (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Real Estate [Line Items]
Land	$ 1,761,864	$ 1,756,971
Buildings and Improvements	3,887,377	$ 3,711,718
Acquisition Activity
Real Estate [Line Items]
Land	16,475
Buildings and Improvements	24,635
Other Assets	931
Purchase price of industrial properties	44,765
Acquisition Activity \| In-Place Leases
Real Estate [Line Items]
Acquired finite lived intangible assets, fair value	3,209
Acquisition Activity \| Above Market Leases [Member]
Real Estate [Line Items]
Acquired finite lived intangible assets, fair value	333
Acquisition Activity \| Below Market Leases
Real Estate [Line Items]
Acquired finite lived intangible liabilities, fair value	$ (818)

Indebtedness - Summary of Indebtedness (Details) - USD ($)
$ in Thousands

9 Months Ended

Sep. 30, 2024

Dec. 31, 2023

Debt Instrument [Line Items]

Long-term Debt, Gross

$ 2,181,299

Unsecured Credit Facility

248,000

$ 299,000

Debt Instrument [Line Items]

Long-term Debt, Gross

$ 6,070

6,070

7.15%

Effective Interest Rate

7.11%

May 15, 2027

Debt Instrument [Line Items]

Long-term Debt, Gross

$ 31,901

31,901

7.60%

Effective Interest Rate

8.13%

Jul. 15, 2028

Debt Instrument [Line Items]

Long-term Debt, Gross

$ 10,600

10,600

7.75%

Effective Interest Rate

7.87%

Apr. 15, 2032

2027 Private Placement Notes

Debt Instrument [Line Items]

Long-term Debt, Gross

$ 125,000

125,000

4.30%

Effective Interest Rate

4.30%

Apr. 20, 2027

2028 Private Placement Notes

Debt Instrument [Line Items]

Long-term Debt, Gross

$ 150,000

150,000

3.86%

Effective Interest Rate

3.86%

Feb. 15, 2028

2029 Private Placement Notes

Debt Instrument [Line Items]

Long-term Debt, Gross

$ 75,000

75,000

4.40%

Effective Interest Rate

4.40%

Apr. 20, 2029

2029 II Private Placement Notes

Debt Instrument [Line Items]

Long-term Debt, Gross

$ 150,000

150,000

3.97%

Effective Interest Rate

4.23%

Jul. 23, 2029

2030 Private Placement Notes

Debt Instrument [Line Items]

Long-term Debt, Gross

$ 150,000

150,000

3.96%

Effective Interest Rate

3.96%

Feb. 15, 2030

2030 II Private Placement Notes

Debt Instrument [Line Items]

Long-term Debt, Gross

$ 100,000

100,000

2.74%

Effective Interest Rate

2.74%

Sep. 17, 2030

2032 Private Placement Notes

Debt Instrument [Line Items]

Long-term Debt, Gross

$ 200,000

200,000

2.84%

Effective Interest Rate

2.84%

Sep. 17, 2032

2021 Unsecured Term Loan

Debt Instrument [Line Items]

Long-term Debt, Gross

$ 200,000

200,000

1.85%

Jul. 07, 2026

2022 Unsecured Term Loan

Debt Instrument [Line Items]

Long-term Debt, Gross

$ 425,000

425,000

3.64%

Oct. 18, 2027

2022 Unsecured Term Loan II

Debt Instrument [Line Items]

Long-term Debt, Gross

$ 300,000

300,000

4.88%

Aug. 12, 2025

Mortgage Loan Payable

Debt Instrument [Line Items]

$ 9,728

9,978

4.17%

Effective Interest Rate

4.17%

Aug. 01, 2028

Senior Unsecured Notes

Debt Instrument [Line Items]

Long-term Debt, Gross

$ 998,571

998,571

Unamortized Debt Issuance Costs

(3,526)

(4,062)

Unamortized Discounts

(41)

(46)

995,004

994,463

Unsecured Term Loans

Debt Instrument [Line Items]

Long-term Debt, Gross

925,000

925,000

Unamortized Debt Issuance Costs

(2,927)

(4,137)

922,073

920,863

Unsecured Credit Facility

Debt Instrument [Line Items]

Unamortized Debt Issuance Costs

(1,043)

(2,036)

Unsecured Credit Facility

^[1]

$ 248,000

$ 299,000

5.71%

^[1]

Jul. 07, 2025

[1]	Amounts exclude unamortized debt issuance costs of $1,043 and $2,036 as of September 30, 2024 and December 31, 2023, respectively, which are included in the line item Prepaid Expenses and Other Assets, Net.

Indebtedness - Additional Information (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Unsecured Credit Facility
Debt Instrument [Line Items]
Unamortized Debt Issuance Costs	$ 1,043	$ 2,036
Mortgage Loan Payable
Debt Instrument [Line Items]
Net carrying value of industrial properties collateralized by mortgage loan	$ 30,442

Indebtedness - Schedule of Maturities (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Debt Disclosure [Abstract]
Remainder of 2024	$ 84
2025	548,349
2026	200,364
2027	556,449
2028	190,453
Thereafter	685,600
Total	$ 2,181,299

Indebtedness - Summary of Indebtedness at Estimated Fair Value (Details) - USD ($)
$ in Thousands

Sep. 30, 2024

Dec. 31, 2023

Debt Instrument [Line Items]

Mortgage Loan Payable

$ 9,545

$ 9,666

Senior Unsecured Notes, Net

933,230

902,042

Unsecured Term Loans

925,000

925,000

Unsecured Credit Facility

248,000

299,000

2,115,775

2,135,708

Carrying Amount (A)

Debt Instrument [Line Items]

Mortgage Loan Payable

^[1]

9,728

9,978

Senior Unsecured Notes, Net

^[1]

998,530

998,525

Unsecured Term Loans

^[1]

925,000

925,000

Unsecured Credit Facility

^[1]

248,000

299,000

^[1]

$ 2,181,258

$ 2,232,503

[1]	The carrying amounts include unamortized discounts and exclude unamortized debt issuance costs.

Variable Interest Entities - Summarized Balance Sheet (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Assets:
Net Investment in Real Estate	$ 4,705,566	$ 4,704,745
Operating Lease Right-of-Use Assets	19,896	24,211
Cash and Cash Equivalents	47,123	43,844
Deferred Rent Receivable	154,485	144,033
Prepaid Expenses and Other Assets, Net	206,328	203,276
Total Assets	5,200,520	5,175,765
Liabilities and Partners' Capital:
Accounts Payable, Accrued Expenses and Other Liabilities	142,875	143,429
Operating Lease Liabilities	17,652	21,992
Rents Received in Advance and Security Deposits	102,428	106,734
Total Liabilities and Equity/Partners' Capital	5,200,520	5,175,765
Other Real Estate Partnerships
Assets:
Net Investment in Real Estate	296,549	302,869
Operating Lease Right-of-Use Assets	12,842	12,910
Cash and Cash Equivalents	2,499	2,221
Deferred Rent Receivable	16,047	15,601
Prepaid Expenses and Other Assets, Net	15,764	12,945
Total Assets	343,701	346,546
Liabilities and Partners' Capital:
Accounts Payable, Accrued Expenses and Other Liabilities	10,410	9,698
Operating Lease Liabilities	10,194	10,219
Rents Received in Advance and Security Deposits	7,633	8,368
Partners' Capital	315,464	318,261
Total Liabilities and Equity/Partners' Capital	$ 343,701	$ 346,546

Variable Interest Entities - Additional Information (Details) $ in Thousands, ft² in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) ft² Property	Sep. 30, 2023 USD ($) Property	Sep. 30, 2024 USD ($) ft² Property	Sep. 30, 2023 USD ($) Property	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Variable Interest Entity [Line Items]
Joint Venture Development Services Expense	$ 208	$ 559	$ 1,005	$ 2,690
Number of Real Estate Properties \| Property	421		421
Gross leasable area (GLA) of industrial properties owned \| ft²	67.7		67.7
Net Investment in Real Estate	$ 4,705,566		$ 4,705,566		$ 4,704,745
Joint Venture
Variable Interest Entity [Line Items]
Consolidated Joint Venture Partnership, Interest Percentage	88.00%		88.00%
Consolidated Joint Venture Partnership, Partner Interest Percentage	12.00%		12.00%
Equity Method Investment, Joint Venture Partnership Ownership	49.00%		49.00%
Equity Method Investment, Ownership Percentage	43.00%		43.00%
Asset Management Fees			$ 2,113	4,693
Asset Management Fees Deferred			427	955
Joint Venture Development Services Expense			1,005	2,690
Receivable Balance Due From The Joint Venture	$ 190		190		138
Net Income of the Joint Venture			4,581	44,334
Equity Method Investment, Realized Gain (Loss) on Disposal			495	$ 40,283
Number of Acres \| Property		31		31
Economic Share of Gain (Loss) on Joint Venture Sale			243	$ 19,739
Incentive Fees			916	$ 8,903
Construction Loan						$ 149,514
Construction Loan Outstanding Balance	125,807		125,807		95,711
Unamortized Debt Issuance Expense	384		384		$ 730
Net Investment in Real Estate	$ 224,020		$ 224,020
Joint Venture Completed Developments
Variable Interest Entity [Line Items]
Number of Real Estate Properties \| Property	3		3
Gross leasable area (GLA) of industrial properties owned \| ft²	1.8		1.8

Stockholders’ Equity of the Company and Partners' Capital of the Operating Partnership - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Feb. 24, 2023
Class of Stock [Line Items]
Equity in Income of Joint Venture	$ 599	$ 1,530	$ 3,161	$ 30,598
Joint Venture
Class of Stock [Line Items]
Equity in Income of Joint Venture	77	$ 196	397	$ 3,746
Noncontrolling Interest in Joint Ventures	$ 6,698		$ 6,698		$ 6,444
ATM [Member]
Class of Stock [Line Items]
Shares of company stock issuable under an at-the-market offering						16,000,000
Aggregate Gross Sale Proceeds						$ 800,000

Accumulated Other Comprehensive Income (Changes in AOCI) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Accumulated Other Comprehensive Income [Line Items]
Beginning Balance	$ 2,635,105
Ending Balance	2,711,790
Derivative Instruments
Accumulated Other Comprehensive Income [Line Items]
Beginning Balance	22,842
Other Comprehensive Income Before Reclassifications	5,196
Amounts Reclassified from Accumulated Other Comprehensive Income	(18,139)
Net Current Period Other Comprehensive Loss	(12,943)
Ending Balance	9,899
Comprehensive (Loss) Income Attributable to Noncontrolling Interest of the Company
Accumulated Other Comprehensive Income [Line Items]
Beginning Balance	(570)
Other Comprehensive Income Before Reclassifications	304
Amounts Reclassified from Accumulated Other Comprehensive Income	0
Net Current Period Other Comprehensive Loss	304
Ending Balance	(266)
Accumulated Other Comprehensive Income of the Company
Accumulated Other Comprehensive Income [Line Items]
Beginning Balance	22,272
Other Comprehensive Income Before Reclassifications	5,500
Amounts Reclassified from Accumulated Other Comprehensive Income	(18,139)
Net Current Period Other Comprehensive Loss	(12,639)
Ending Balance	9,633
First Industrial, L.P. \| Accumulated Other Comprehensive Income of the Operating Partnership
Accumulated Other Comprehensive Income [Line Items]
Beginning Balance	22,842
Other Comprehensive Income Before Reclassifications	5,196
Amounts Reclassified from Accumulated Other Comprehensive Income	(18,139)
Net Current Period Other Comprehensive Loss	(12,943)
Ending Balance	$ 9,899

Accumulated Other Comprehensive Income (Amounts Reclassified from AOCI) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Accumulated Other Comprehensive Income [Line Items]
Total	$ 35,067	$ 13,557	$ 28,207	$ (9,216)
Interest Rate Swap \| Reclassification out of Accumulated Other Comprehensive Income \| Derivative Instruments
Accumulated Other Comprehensive Income [Line Items]
Interest Expense - Amortization of Derivative Instruments	103	103	308	308
Interest Expense - Settlement Payments (Receipts)	(6,162)	(6,003)	(18,447)	(15,376)
Total	$ (6,059)	$ (5,900)	$ (18,139)	$ (15,068)

Accumulated Other Comprehensive Income - Additional Information (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Amortization to be reclassified from OCI into income	$ 410

Earnings Per Share / Unit (EPS / EPU) - Computation of Basic and Diluted EPS / EPU (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator:
Net Income Available to Common Stockholders / Unitholders	$ 99,287	$ 74,938	$ 218,971	$ 185,441
Denominator:
Weighted Average Shares / Units - Basic	132,370	132,264	132,366	132,241
Performance Units (See Note 9) / Performance Units and certain Performance RLP Units (See Note 6)	51	75	43	84
Weighted Average Shares / Units - Diluted	132,421	132,339	132,409	132,325
Earnings Per Share/Unit, Basic [Abstract]
Net Income Available to Common Stockholders / Unitholders - Basic	$ 0.75	$ 0.57	$ 1.65	$ 1.40
Earnings Per Share/Unit, Diluted [Abstract]
Net Income Available to Common Stockholders / Unitholders - Diluted	$ 0.75	$ 0.57	$ 1.65	$ 1.40
First Industrial, L.P.
Numerator:
Net Income Available to Common Stockholders / Unitholders	$ 101,864	$ 76,718	$ 224,606	$ 189,856
Denominator:
Weighted Average Shares / Units - Basic	135,099	134,704	135,088	134,697
Performance Units (See Note 9) / Performance Units and certain Performance RLP Units (See Note 6)	375	462	303	517
Weighted Average Shares / Units - Diluted	135,474	135,166	135,391	135,214
Earnings Per Share/Unit, Basic [Abstract]
Net Income Available to Common Stockholders / Unitholders - Basic	$ 0.75	$ 0.57	$ 1.66	$ 1.41
Earnings Per Share/Unit, Diluted [Abstract]
Net Income Available to Common Stockholders / Unitholders - Diluted	$ 0.75	$ 0.57	$ 1.66	$ 1.40

Earnings Per Share / Unit (EPS / EPU) - Additional Information (Details) - shares	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Unvested Restricted Stock / Unit Awards	93,952	129,019
First Industrial, L.P.
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Unvested Restricted Stock / Unit Awards	261,246	351,796

Long-Term Compensation - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Amortization related to Service Awards and Performance Awards	$ 3,581	$ 3,437	$ 16,563	$ 12,846
Share-based Payment Arrangement, Amount Capitalized	235	$ 456	2,328	$ 2,592
Unrecognized compensation related to unvested Service Awards and Performance Awards	11,066		$ 11,066
Weighted average period of unrecognized compensation expected to be recognized			9 months 14 days
Management \| Performance Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance Awards and Service Awards Issued			46,947
Fair Value of Performance Awards and Service Awards Issued	9,281		$ 9,281
Vesting period of Performance Awards and Service Awards issued			3 years
Management \| Performance RLP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance Awards and Service Awards Issued			263,159
Management \| Service Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance Awards and Service Awards Issued			61,168
Fair Value of Performance Awards and Service Awards Issued	$ 8,408		$ 8,408
Vesting period of Performance Awards and Service Awards issued			3 years
Management \| Service RLP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance Awards and Service Awards Issued			102,548

Derivatives - Additional Information (Details) $ in Thousands	Sep. 30, 2024 USD ($)
2021 Swaps
Derivative [Line Items]
Swaps, Number of Instruments Held	3
Derivative, Notional Amount	$ 200,000
Swaps, Average Fixed Interest Rate	0.90%
2022 Swaps
Derivative [Line Items]
Swaps, Number of Instruments Held	8
Derivative, Notional Amount	$ 425,000
Swaps, Average Fixed Interest Rate	2.69%
2022 Swaps II
Derivative [Line Items]
Swaps, Number of Instruments Held	7
Derivative, Notional Amount	$ 300,000
Swaps, Average Fixed Interest Rate	3.93%
2022 Swaps II Due December 2025
Derivative [Line Items]
Derivative, Notional Amount	$ 150,000
2022 Swaps II Due August 2027
Derivative [Line Items]
Derivative, Notional Amount	$ 150,000

Derivatives - Fair Value Measurements on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
2021 Swaps
Derivatives, Fair Value [Line Items]
Hedging Instrument, Asset, Fair Value	$ 7,207	$ 12,517
2021 Swaps \| Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Derivatives, Fair Value [Line Items]
Hedging Instrument, Asset, Fair Value	0	0
2021 Swaps \| Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2)
Derivatives, Fair Value [Line Items]
Hedging Instrument, Asset, Fair Value	7,207	12,517
2021 Swaps \| Fair Value, Measurements, Recurring \| Unobservable Inputs (Level 3)
Derivatives, Fair Value [Line Items]
Hedging Instrument, Asset, Fair Value	0	0
2022 Swaps
Derivatives, Fair Value [Line Items]
Hedging Instrument, Asset, Fair Value	7,107	13,285
2022 Swaps \| Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Derivatives, Fair Value [Line Items]
Hedging Instrument, Asset, Fair Value	0	0
2022 Swaps \| Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2)
Derivatives, Fair Value [Line Items]
Hedging Instrument, Asset, Fair Value	7,107	13,285
2022 Swaps \| Fair Value, Measurements, Recurring \| Unobservable Inputs (Level 3)
Derivatives, Fair Value [Line Items]
Hedging Instrument, Asset, Fair Value	0	0
2022 Swaps II
Derivatives, Fair Value [Line Items]
Hedging Instrument, Liability, Fair Value	(2,539)	(776)
2022 Swaps II \| Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Derivatives, Fair Value [Line Items]
Hedging Instrument, Liability, Fair Value	0	0
2022 Swaps II \| Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2)
Derivatives, Fair Value [Line Items]
Hedging Instrument, Liability, Fair Value	(2,539)	(776)
2022 Swaps II \| Fair Value, Measurements, Recurring \| Unobservable Inputs (Level 3)
Derivatives, Fair Value [Line Items]
Hedging Instrument, Liability, Fair Value	$ 0	$ 0

Related Party Transactions Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Related Party Transactions [Abstract]
Receivable balance due from a direct wholly-owned subsidiary	$ 9,242	$ 9,288

Commitments and Contingencies - Additional Information (Details) $ in Thousands, ft² in Millions	Sep. 30, 2024 USD ($) ft² Property
Other Commitments [Line Items]
Number of industrial properties \| Property	421
Gross leasable area (GLA) of industrial properties \| ft²	67.7
Development Activity
Other Commitments [Line Items]
Number of industrial properties \| Property	5
Gross leasable area (GLA) of industrial properties \| ft²	1.3
Estimated total investment \| $	$ 183,400
Estimated total investment remaining to be funded \| $	$ 129,200

Subsequent Events - Additional Information (Details) $ in Thousands	1 Months Ended
	Oct. 18, 2024 USD ($) Property	Sep. 30, 2024 Property
Subsequent Event [Line Items]
Number of Real Estate Properties		421
Subsequent Event
Subsequent Event [Line Items]
Number of Real Estate Properties	3
Proceeds from sale of industrial properties \| $	$ 19,000

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First Industrial Realty Trust Inc News

Form 8-K - Current report
Saturday 16 November 2024 (1 week ago) • Edgar (US Regulatory)

First Industrial Realty Trust Declares Common Stock Dividends
Thursday 31 October 2024 (4 weeks ago) • PR Newswire (US)

Form 10-Q - Quarterly report [Sections 13 or 15(d)]
Saturday 19 October 2024 (1 month ago) • Edgar (US Regulatory)

Earnings: TSMC Rises 8% With a 54% Profit Increase; Nokia Drops 6% After a Sales Decline; Alcoa Climbs 5%; CSX Falls 4%
Thursday 17 October 2024 (1 month ago) • IH Market News

Form 8-K - Current report
Thursday 17 October 2024 (1 month ago) • Edgar (US Regulatory)

FIRST INDUSTRIAL REALTY TRUST REPORTS THIRD QUARTER 2024 RESULTS
Thursday 17 October 2024 (1 month ago) • PR Newswire (US)

First Industrial Realty Trust To Host Third Quarter 2024 Results Conference Call On October 17
Wednesday 2 October 2024 (2 months ago) • PR Newswire (US)

Form 4 - Statement of changes in beneficial ownership of securities
Friday 13 September 2024 (2 months ago) • Edgar (US Regulatory)

Form 4 - Statement of changes in beneficial ownership of securities
Saturday 7 September 2024 (3 months ago) • Edgar (US Regulatory)

Form 4 - Statement of changes in beneficial ownership of securities
Friday 30 August 2024 (3 months ago) • Edgar (US Regulatory)

First Industrial Realty Trust Declares Common Stock Dividends
Friday 2 August 2024 (4 months ago) • PR Newswire (US)

Form 10-Q - Quarterly report [Sections 13 or 15(d)]
Friday 19 July 2024 (4 months ago) • Edgar (US Regulatory)

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