First Industrial Realty Trust(FR) - 2025 Q3 - Quarterly Report

EXPLANATORY NOTE This section explains that the report combines the 10-Q filings for First Industrial Realty Trust, Inc. and First Industrial, L.P., which are managed as one enterprise - The report combines 10-Q filings for First Industrial Realty Trust, Inc. and First Industrial, L.P., which are managed and operated as one enterprise12 14 - The Company is a real estate investment trust and the sole general partner of the Operating Partnership, owning an approximate 97.0% common general partnership interest at September 30, 202513 - The financial results of the Operating Partnership are consolidated into the Company's financial statements, with substantially all of the Company's assets held by and operations conducted through the Operating Partnership14 PART I: FINANCIAL INFORMATION This part presents the unaudited consolidated financial statements and related notes for First Industrial Realty Trust, Inc. and First Industrial, L.P. for the period ended September 30, 2025, including management's discussion and analysis, market risk disclosures, and controls and procedures Item 1. Financial Statements This section provides the consolidated financial statements for both First Industrial Realty Trust, Inc. and First Industrial, L.P., including balance sheets, statements of operations, comprehensive income, changes in equity/partners' capital, and cash flows, along with detailed notes to these statements First Industrial Realty Trust, Inc. This sub-section presents the consolidated financial statements specifically for First Industrial Realty Trust, Inc., covering balance sheets, statements of operations, comprehensive income, changes in equity, and cash flows for the three and nine months ended September 30, 2025 and 2024, and balance sheet data as of December 31, 2024 Consolidated Balance Sheets (in thousands) | Metric | Sep 30, 2025 | Dec 31, 2024 | Change | % Change | | :--------------------------------- | :----------- | :----------- | :----- | :------- | | Total Assets | $5,507,547 | $5,261,426 | $246,121 | 4.7% | | Net Investment in Real Estate | $4,999,561 | $4,760,684 | $238,877 | 5.0% | | Senior Unsecured Notes, Net | $1,438,065 | $995,184 | $442,881 | 44.5% | | Unsecured Credit Facility | $33,000 | $282,000 | $(249,000) | (88.3)% | | Total Liabilities | $2,766,759 | $2,515,398 | $251,361 | 10.0% | | Total Equity | $2,740,788 | $2,746,028 | $(5,240) | (0.2)% | Consolidated Statements of Operations (in thousands, except per share data) | Metric | 3 Months Ended Sep 30, 2025 | 3 Months Ended Sep 30, 2024 | 9 Months Ended Sep 30, 2025 | 9 Months Ended Sep 30, 2024 | | :---------------------------------------------------------------- | :---------------------------- | :---------------------------- | :---------------------------- | :---------------------------- | | Total Revenues | $181,430 | $167,645 | $538,667 | $494,053 | | Total Expenses | $100,675 | $97,837 | $310,066 | $294,968 | | Gain on Sale of Real Estate | $9,538 | $56,814 | $17,503 | $93,801 | | Interest Expense | $(21,731) | $(20,836) | $(62,922) | $(62,859) | | Net Income | $67,364 | $102,173 | $177,127 | $225,547 | | Net Income Available to Common Stockholders (EPS) | $0.49 | $0.75 | $1.27 | $1.65 | Consolidated Statements of Cash Flows (Nine Months, in thousands) | Activity | 2025 | 2024 | Change | % Change | | :-------------------------------------- | :----------- | :----------- | :----- | :------- | | Net Cash Provided by Operating Activities | $339,228 | $275,708 | $63,520 | 23.0% | | Net Cash Used in Investing Activities | $(360,944) | $(67,505) | $(293,439) | 434.7% | | Net Cash Provided by (Used in) Financing Activities | $6,840 | $(196,858) | $203,698 | 103.5% | | Net (Decrease) Increase in Cash | $(14,876) | $11,345 | $(26,221) | (231.1)% | | Cash, Cash Equivalents and Restricted Cash, End of Period | $36,806 | $55,189 | $(18,383) | (33.3)% | First Industrial, L.P. This sub-section presents the consolidated financial statements specifically for First Industrial, L.P., covering balance sheets, statements of operations, comprehensive income, changes in partners' capital, and cash flows for the three and nine months ended September 30, 2025 and 2024, and balance sheet data as of December 31, 2024 Consolidated Balance Sheets (in thousands) | Metric | Sep 30, 2025 | Dec 31, 2024 | Change | % Change | | :--------------------------------- | :----------- | :----------- | :----- | :------- | | Total Assets | $5,516,721 | $5,270,655 | $246,066 | 4.7% | | Net Investment in Real Estate | $4,999,561 | $4,760,684 | $238,877 | 5.0% | | Senior Unsecured Notes, Net | $1,438,065 | $995,184 | $442,881 | 44.5% | | Unsecured Credit Facility | $33,000 | $282,000 | $(249,000) | (88.3)% | | Total Liabilities | $2,766,759 | $2,515,398 | $251,361 | 10.0% | | Total Partners' Capital | $2,749,962 | $2,755,257 | $(5,295) | (0.2)% | Consolidated Statements of Operations (in thousands, except per Unit data) | Metric | 3 Months Ended Sep 30, 2025 | 3 Months Ended Sep 30, 2024 | 9 Months Ended Sep 30, 2025 | 9 Months Ended Sep 30, 2024 | | :---------------------------------------------------------------- | :---------------------------- | :---------------------------- | :---------------------------- | :---------------------------- | | Total Revenues | $181,430 | $167,645 | $538,667 | $494,053 | | Total Expenses | $100,675 | $97,837 | $310,066 | $294,968 | | Gain on Sale of Real Estate | $9,538 | $56,814 | $17,503 | $93,801 | | Interest Expense | $(21,731) | $(20,836) | $(62,922) | $(62,859) | | Net Income | $67,364 | $102,173 | $177,127 | $225,547 | | Basic Earnings Per Unit | $0.50 | $0.75 | $1.28 | $1.66 | | Diluted Earnings Per Unit | $0.49 | $0.75 | $1.28 | $1.66 | Consolidated Statements of Cash Flows (Nine Months, in thousands) | Activity | 2025 | 2024 | Change | % Change | | :-------------------------------------- | :----------- | :----------- | :------------------------- | :------------------------- | | Net Cash Provided by Operating Activities | $339,283 | $275,745 | $63,538 | 23.0% | | Net Cash Used in Investing Activities | $(360,944) | $(67,505) | $(293,439) | 434.7% | | Net Cash Provided by (Used in) Financing Activities | $6,785 | $(196,895) | $203,680 | 103.4% | | Net (Decrease) Increase in Cash | $(14,876) | $11,345 | $(26,221) | (231.1)% | | Cash, Cash Equivalents and Restricted Cash, End of Period | $36,806 | $55,189 | $(18,383) | (33.3)% | Notes to the Consolidated Financial Statements This section provides