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•	Stockholders' Equity, Noncontrolling Interest and Partners' Capital. The 2.1% equity interest in the Operating Partnership held by entities other than the Company is classified within partners' capital 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 eight other limited partnerships, which are referred to as the "Other Real Estate Partnerships." The Operating Partnership is a limited partner, holding at least a 99% interest, and the Company is a general partner, holding at least a .01% general partnership interest through eight separate wholly-owned corporations, in each of the Other Real Estate Partnerships. The Other Real Estate Partnerships are variable interest entities that both the Company and the Operating Partnership consolidate. The Company's direct general partnership interest in the Other Real Estate Partnerships is reflected as noncontrolling interest within the Operating Partnership's financial statements.

•

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.

•	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 for our investors to review since a substantial portion of the Company's disclosure applies to both 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 stockholders' 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.

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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 97.9 % ownership interest ("General Partner Units") at March 31, 2020. The Operating Partnership also conducts operations through eight 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 2.1 % at March 31, 2020 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.

We also own a 49 % equity interest in, and provide various services to, a joint venture (the "Joint Venture") through a wholly- owned TRS of the Operating Partnership. 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 March 31, 2020, we owned 436 industrial properties located in 21  states, containing an aggregate of approximately 62.6 million square feet of gross leasable area ("GLA"). Of the 436 properties owned on a consolidated basis, none of them are directly owned by the Company.

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, 2019 ("2019 Form 10-K") and should be read in conjunction with such consolidated financial statements and related notes. The 2019 year end consolidated balance sheet data included in this Form 10-Q filing was derived from the audited consolidated financial statements in our 2019 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, 2019 audited consolidated financial statements included in our 2019 Form 10-K and present interim disclosures as required by the Securities and Exchange Commission.

Reclassifications

 Certain amounts included in the Consolidated Financial Statements for 2019 have been reclassified to conform to the 2020 financial statement presentation.

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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 March 31, 2020 and December 31, 2019, and the reported amounts of revenues and expenses for the three months ended March 31, 2020 and 2019. 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 March 31, 2020 and December 31, 2019, the results of our operations and comprehensive income for each of the three months ended March 31, 2020 and 2019, and our cash flows for each of the three months ended March 31, 2020 and 2019. All adjustments are of a normal recurring nature.

Acquisitions

During the three months ended March 31, 2020, we acquired four industrial properties comprised of approximately 0.8 million square feet of GLA and two land parcels. We accounted for the properties and land parcels as asset acquisitions and therefore capitalized transaction costs to the basis of the acquired assets. The following table summarizes the amounts recognized for each major asset class for the industrial properties and land parcels acquired during the three months ended March 31, 2020:

Land	$	83,511
Building and Improvements/Construction in Progress	56,048
In-Place Leases	981
Above Market Leases	134
Below Market Leases	( 770		)
Other Assets (leasing commissions)	37
Total Purchase Price	$	139,941

The revenue and net income associated with the acquisition of the industrial properties and land parcels, since their respective acquisition dates, are not significant to the three months ended March 31, 2020.

Real Estate Held for Sale

As of March 31, 2020, we had two industrial properties comprised of approximately 0.2 million square feet of GLA held for sale.

Sales

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The following table discloses certain information regarding our indebtedness:  

	Outstanding Balance at								Interest Rate at March 31, 2020		Effective Interest Rate at Issuance		Maturity Date
	March 31, 2020				December 31, 2019
Mortgage Loans Payable, Gross	$	173,103			$	174,360			4.03% – 6.50%		4.03% – 6.50%		July 2020 – August 2028
Unamortized Debt Issuance Costs	( 593		)		( 675		)
Mortgage Loans Payable, Net	$	172,510			$	173,685
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
Subtotal	$	698,571			$	698,571
Unamortized Debt Issuance Costs	( 4,357		)		( 4,485		)
Unamortized Discounts	( 70		)		( 71		)
Senior Unsecured Notes, Net	$	694,144			$	694,015
Unsecured Term Loans, Gross
2014 Unsecured Term Loan (A)	$	200,000			$	200,000			3.39 %		N/A		1/29/2021
2015 Unsecured Term Loan (A)	260,000				260,000				2.89 %		N/A		9/12/2022
Subtotal	$	460,000			$	460,000
Unamortized Debt Issuance Costs	( 1,871		)		( 2,135		)
Unsecured Term Loans, Net	$	458,129			$	457,865
Unsecured Credit Facility (B)	$	320,000			$	158,000			2.09 %		N/A		10/29/2021

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^(A) The interest rate at March 31, 2020 also reflects the derivative instruments we entered into to effectively convert the variable rate to a fixed rate. See Note 10.

^(B) The maturity date may be extended an additional year at our election, subject to certain restrictions. Amounts exclude unamortized debt issuance costs of $ 1,986 and $ 2,300 as of March 31, 2020 and December 31, 2019, respectively, which are included in the line item Prepaid Expenses and Other Assets, Net .

Mortgage Loans Payable, Net

As of March 31, 2020, mortgage loans payable are collateralized, and in some instances cross-collateralized, by industrial properties with a net carrying value of $ 262,852 . We believe the Operating Partnership and the Company were in compliance with all covenants relating to mortgage loans as of March 31, 2020.

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Indebtedness

The following is a schedule of the stated maturities and scheduled principal payments of our indebtedness, exclusive of premiums, discounts and debt issuance costs, for the next five years as of March 31, and thereafter:  

	Amount
Remainder of 2020	$	18,556
2021	587,294
2022	336,954
2023	321
2024	335
Thereafter	708,214
Total	$	1,651,674

Our unsecured credit facility (the "Unsecured Credit Facility"), our unsecured term loans (the "Unsecured Term Loans"), our 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 March 31, 2020. 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 March 31, 2020 and December 31, 2019, the fair value of our indebtedness was as follows:  

	March 31, 2020								December 31, 2019
	Carrying Amount  (A)				Fair Value				Carrying Amount  (A)				Fair Value
Mortgage Loans Payable, Net	$	173,103			$	176,544			$	174,360			$	179,287
Senior Unsecured Notes, Net	698,501				701,948				698,500				756,351
Unsecured Term Loans	460,000				455,796				460,000				460,902
Unsecured Credit Facility	320,000				317,372				158,000				158,141
Total	$	1,651,604			$	1,651,660			$	1,490,860			$	1,554,681

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

The fair values of our mortgage loans payable were 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 rates we utilized were internally estimated. The fair value of the senior unsecured notes were 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 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 each of our mortgage loans payable, senior unsecured notes, the Unsecured Term Loans and the Unsecured Credit Facility was primarily based upon Level 3 inputs.

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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:

	March 31, 2020				December 31, 2019
ASSETS
Assets:
Net Investment in Real Estate	$	242,214			$	240,847
Other Assets, Net	45,039				69,982
Total Assets	$	287,253			$	310,829
LIABILITIES AND PARTNERS' CAPITAL
Liabilities:
Mortgage Loans Payable, Net	$	10,928			$	11,009
Other Liabilities, Net	19,669				21,088
Partners' Capital	256,656				278,732
Total Liabilities and Partners' Capital	$	287,253			$	310,829

Joint Venture

Through a wholly-owned TRS of the Operating Partnership, we own a 49 % interest in a Joint Venture with a third party partner for the purpose of developing, leasing, operating and potentially selling approximately 532 net developable acres of land located in the Phoenix, Arizona metropolitan area. The purchase price of the land was $ 49,000 and was acquired by the Joint Venture via cash equity contributions from us and our joint venture partner during 2018.

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

The Joint Venture has a 0.6 million square foot building under development (the "Project") at March 31, 2020. In connection with the Project, the Joint Venture entered into a construction loan with a capacity of $ 28,000 with a third party lender (the "Joint Venture Loan") during the three months ended March 31, 2020. At March 31, 2020, the Joint Venture Loan has a $ 0 outstanding balance. With respect to the Joint Venture Loan, we provided a guarantee to the lender, which upon default of the loan, would require us to pay up to six months of interest and Project operating expenses with a maximum obligation of $ 500 . Additionally, we provided the lender and our third party joint venture partner, guarantees that require timely completion of construction of the Project as well as the payment, subject to certain exceptions, of cost overruns incurred in the development of the Project. Total estimated investment for the Project is $ 42,800 and the Joint Venture is using a third party contractor to develop the building pursuant to a guaranteed maximum price contract. Lastly, we 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.

During the three months ended March 31, 2020, we recognized fees of $ 60 from the Joint Venture related to asset management and development services we provided to the Joint Venture. At March 31, 2020, we had a receivable from the Joint Venture of $ 670 .

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As part of our assessment of the appropriate accounting treatment for the Joint Venture, we reviewed the operating agreement of the Joint Venture in order to determine our rights and the rights of our joint venture partner, including whether those rights are protective or participating. We found that the operating agreement contains certain protective rights, such as the requirement of both member's approval to sell, finance or refinance the property and to pay capital expenditures and operating expenditures outside of the approved budget. However, we also found that we and our Joint Venture partner jointly (i) approve the annual budget, (ii) approve certain expenditures, (iii) review and approve the Joint Venture's tax return before filing, and (iv) approve each lease at a developed property. We consider the latter rights substantive participation rights that result in shared, joint power over the activities that most significantly impact the performance of the Joint Venture. As such, we concluded to account for our investment in the Joint Venture under the equity method of accounting.

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. Subject to vesting and other certain exceptions (including the “book-up” requirements of RLP Units), the holders of Noncontrolling Interests may convert their Units into an equal number of shares of Common Stock, or a cash equivalent, at the Company's election. Net income is allocated to the Noncontrolling Interests based on the weighted average ownership percentage during the period.

ATM Program

On February 14, 2020, we entered into distribution agreements with certain sales agents to sell up to 14,000,000 shares of the Company's common stock, for up to $ 500,000 aggregate gross sales proceeds, from time to time in "at-the-market" offerings (the "2020 ATM Program"). Under the terms of the 2020 ATM Program, 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 three months ended March 31, 2020, the Company did not issue any shares of common stock under the 2020 ATM Program.

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The following table summarizes the changes in accumulated other comprehensive income by component for the Company and the Operating Partnership for the three months ended March 31, 2020:

	Derivative Instruments				Accumulated Other Comprehensive Loss of the Operating Partnership				Comprehensive Loss Attributable to Noncontrolling Interest of the Company				Accumulated Other Comprehensive Loss of the Company
Balance as of December 31, 2019	$	( 7,013	)		$	( 7,013	)		$	130			$	( 6,883	)
Other Comprehensive Loss Before Reclassifications	( 14,972		)		( 14,972		)		317				( 14,655		)
Amounts Reclassified from Accumulated Other Comprehensive (Loss) Income	484				484				—				484
Net Current Period Other Comprehensive Loss	( 14,488		)		( 14,488		)		317				( 14,171		)
Balance as of March 31, 2020	$	( 21,501	)		$	( 21,501	)		$	447			$	( 21,054	)

The following table summarizes the reclassifications out of accumulated other comprehensive income for both the Company and the Operating Partnership for the three months ended March 31, 2020 and 2019:

		Amounts Reclassified from Accumulated Other Comprehensive Loss
Details about Accumulated Other Comprehensive Income Components		Three Months Ended March 31, 2020				Three Months Ended March 31, 2019				Affected Line Items in the Consolidated Statements of Operations
Derivative Instruments:
Amortization of Previously Settled Derivative Instruments		$	102			$	24			Interest Expense
Net Settlement Payments (Receipts) to our Counterparties		382				( 576		)		Interest Expense
Total		$	484			$	( 552	)

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

	Three Months Ended March 31, 2020				Three Months Ended March 31, 2019
Numerator:
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities	$	40,634			$	23,803
Net Income Allocable to Participating Securities	( 59		)		( 60		)
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders	$	40,575			$	23,743
Denominator (In Thousands):
Weighted Average Shares - Basic	126,934				126,194
Effect of Dilutive Securities:
Performance Units (See Note 9)	177				262
Weighted Average Shares - Diluted	127,111				126,456
Basic and Diluted EPS:
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders	$	0.32			$	0.19

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

	Three Months Ended March 31, 2020				Three Months Ended March 31, 2019
Numerator:
Net Income Available to Unitholders and Participating Securities	$	41,479			$	24,314
Net Income Allocable to Participating Securities	( 123		)		( 76		)
Net Income Available to Unitholders	$	41,356			$	24,238
Denominator (In Thousands):
Weighted Average Units - Basic	129,070				128,818
Effect of Dilutive Securities:
Performance Units and certain Performance RLP Units (See Note 6)	330				360
Weighted Average Units - Diluted	129,400				129,178
Basic and Diluted EPU:
Net Income Available to Unitholders	$	0.32			$	0.19

At March 31, 2020 and 2019, participating securities for the Company include 210,886 and 287,273 , respectively, of Service Awards (see Note 9), which participate in non-forfeitable distributions. At March 31, 2020 and 2019, participating securities for the Operating Partnership include 445,735 and 407,457 , 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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Awards with Performance Measures

During the three months ended March 31, 2020, the Company granted 59,263 performance units ("Performance Units") and 322,477 RLP Units, based on performance-based criteria ("Performance RLP Units" and, together with the Performance Units, collectively the "Performance Awards") to certain employees, which had a fair value of approximately $ 7,883 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 TSRs of the FTSE Nareit All Equity Index and the remainder vests based upon the TSR of the Company’s common stock compared to nine other peer industrial real estate companies. The performance periods for such awards are one year, two years and 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 three months ended March 31, 2020, the Company awarded 75,261 shares of restricted stock units ("Service Units") and 109,761 RLP Units based on service-based criteria ("Service RLP Units" and together with the Service Units, collectively the "Service Awards") to certain employees and outside directors, which had an aggregate fair value of approximately $ 8,102 on the date such awards were approved by the Compensation Committee of the Board of Directors. The Service Awards granted to employees vest ratably over a period of three years based on continued employment. Service Awards granted to outside directors vest after a one year period. The Operating Partnership issued restricted Unit awards to the Company in the same amount and on substantially the same terms as the restricted stock awards. Compensation expense is charged to earnings over the vesting periods for the Service Awards.

Retirement Eligibility

Commencing January 1, 2020, all award agreements issued underlying Performance Awards and Service Awards contain a retirement benefit 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 three months ended March 31, 2020, 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.

Outstanding Restricted Stock/Restricted Unit Awards, Performance Units and RLP Units

We recognized $ 3,641 and $ 1,762 for the three months ended March 31, 2020 and 2019, 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 $ 982 and $ 203 for the three months ended March 31, 2020 and 2019. At March 31, 2020, we had $ 21,563 in unrecognized compensation related to unvested Service Awards and Performance Awards. The weighted average period that the unrecognized compensation is expected to be recognized is 1.15  years.

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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.

Cash Flow Hedges

During the three months ended March 31, 2020, we entered into one one-year interest rate swap with a notional value of $ 150,000 to manage our exposure to changes in the one month LIBOR rate (the "2020 Swap"). The 2020 Swap, which is effective commencing April 1, 2020, fixes the one month LIBOR rate component on $ 150,000 of our outstanding balance on our Unsecured Credit Facility at 0.42 % . We designated the 2020 Swap as a cash flow hedge.

          

During the three months ended March 31, 2020, in anticipation of refinancing our 2014 Term Loan (see Note 4) in January 2021, we also entered into three five-year interest rate swaps with an aggregate notional value of $ 200,000 to fix the one month LIBOR rate (the "2021 Swaps"). The 2021 Swaps, which are effective commencing February 1, 2021, fix the one month LIBOR rate at 0.99 % . We have designated the 2021 Swaps as cash flow hedges.

In connection with the originations of the Unsecured Term Loans (see Note 4), we entered into interest rate swaps to manage our exposure to changes in the one month LIBOR rate. The four interest rate swaps, which fix the variable rate of the 2014 Unsecured Term Loan, have an aggregate notional value of $ 200,000 , mature on January 29, 2021 and fix the LIBOR rate at a weighted average rate of 2.29 % (the "2014 Swaps"). The six interest rate swaps, which fix the variable rate of the 2015 Unsecured Term Loan, have an aggregate notional value of $ 260,000 , mature on September 12, 2022 and fix the LIBOR rate at a weighted average rate of 1.79 % (the "2015 Swaps"). We designated the 2014 Swaps and 2015 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 March 31, 2020, 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 liabilities related to the 2014 Swaps, the 2015 Swaps, the 2020 Swap and the 2021 Swaps which are included in the line item Accounts Payable, Accrued Expenses and Other Liabilities and are accounted for at fair value on a recurring basis as of March 31, 2020:

						Fair Value Measurements:
Description		Fair Value				Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)				Unobservable Inputs (Level 3)
Derivatives designated as a hedging instrument:
Liabilities:
2014 Swaps		$	( 3,218	)		—			$	( 3,218	)		—
2015 Swaps		$	( 9,501	)		—			$	( 9,501	)		—
2020 Swap		$	( 116	)		—			$	( 116	)		—
2021 Swaps		$	( 4,944	)		—			$	( 4,944	)		—

There was no ineffectiveness recorded on the 2014 Swaps, the 2015 Swaps, the 2020 Swap or the 2021 Swaps during the three months ended March 31, 2020. See Note 7 for more information regarding our derivatives.

The estimated fair value of the 2014 Swaps, the 2015 Swaps, the 2020 Swap and the 2021 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 2014 Swaps, the 2015 Swaps, the 2020 Swap and the 2021 Swaps fell within Level 2 of the fair value hierarchy.

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In July 2017, the Financial Conduct Authority (the authority that regulates LIBOR) announced it intends to stop compelling banks to submit rates for the calculation of LIBOR after 2021. The Alternative Reference Rates Committee ("ARRC") has proposed that the Secured Overnight Financing Rate ("SOFR") is the rate that represents best practice as the alternative to LIBOR for use in derivatives and other financial contracts that are currently indexed to LIBOR. ARRC has proposed a paced market transition plan to SOFR from LIBOR and organizations are currently working on industry wide and company specific transition plans as it relates to derivatives and cash markets exposed to LIBOR. We have contracts that are indexed to LIBOR and are monitoring this activity and evaluating the related risks.

 At March 31, 2020 and December 31, 2019, the Operating Partnership had receivable balances of $ 9,670 and $ 10,031 , respectively, from a direct wholly-owned subsidiary of the Company.

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 March 31, 2020, we had nine industrial properties totaling approximately 1.5 million square feet of GLA under construction. The estimated total investment as of March 31, 2020 is approximately $ 154,400 . Of this amount, approximately $ 82,000 remains to be funded. There can be no assurance that the actual completion cost will not exceed the estimated total investment.

From April 1, 2020 to April 28, 2020 , we sold two  industrial properties for $ 13,455 , excluding transaction costs. Additionally, during that same period, we acquired one industrial property for a purchase price of $ 9,125 , excluding transaction costs.

On April 9, 2020, we repaid $ 15,115 of mortgage loans payable that had an original maturity in July 2020.

Subsequent to March 31, 2020, the United States continues to be severely impacted by the COVID-19 pandemic and by the economic effects of government responses, such as “stay-at-home” orders and various restrictions on certain business activities, which have materially disrupted the economy. In April 2020, we have received some rent relief requests from tenants at our properties, most often in the form of rent deferral requests, as a result of COVID-19. We are evaluating each tenant rent relief request on an individual basis, considering a number of factors. Not all tenant relief requests will ultimately result in our granting any form of rent or other relief, nor do we plan to forgo our contractual rights under our lease agreements in connection with any such requests. While we are not able to estimate the impact of the COVID-19 pandemic at this time, the pandemic could materially affect our future financial and operational results.

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•	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, such as the recent outbreak of COVID-19;

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

•	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

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•	We have received April rent payments for approximately 94% of our portfolio. April collections to-date may not be indicative of collections in any future period.

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We have received some rent relief requests from tenants at our properties, most often in the form of rent deferral requests. We believe some of these requests are coming from tenants that have the ability to pay rent. However, we do anticipate that some rent relief requests will be granted. In addition, even if rent relief is not granted, we anticipate that certain tenants will not pay their rent obligations and our access to the courts in certain jurisdictions to enforce our remedies under our lease agreements will not be available. We do not plan on forgoing our contractual rights under our lease agreements in connection with any such requests.

•	During the three months ended March 31, 2020, we wrote-off $0.8 million of a deferred rent receivable of Pier One Imports due to our assessment that full collection of future contractual lease payments is no longer probable.

•	The health and safety of our employees and their families is a top priority. We have adapted our operations to protect employees, including by implementing a work from home policy, and our IT systems have enabled our team to work seamlessly.

•	We are in frequent communication with our tenants and we are assisting them in identifying state and federal resources that may be available to support their businesses and employees during the pandemic, including stimulus funds that may be available under the Coronavirus Aid, Relief, and Economic Security Act of 2020.

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We have a $200 million term loan maturing in January 2021 and approximately $63 million of mortgage debt coming due in October 2021. As of April 28, 2020, we have approximately $70 million in cash and cash equivalents and an additional $404.3 million available under our Unsecured Credit Facility to take care of these obligations. Our Unsecured Credit Facility also matures in October 2021; however, it is extendable for one year, at our option, which enables us to push this maturity to October 2022.

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We have suspended all new vertical development projects for the foreseeable future, other than completing nine development properties and two redevelopment properties that are currently in progress and expenditures required to obtain permits and other horizontal construction work . Our total projected costs to complete construction and stabilize the nine developments under construction, developments that are complete but not fully funded and two planned redevelopments, as well as to complete ongoing permitting and other planned horizontal construction work at one of our land sites, is approximately $100 million for the remainder of 2020 and approximately $35 million for 2021.

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•	We acquired four industrial properties comprised of approximately 0.8 million square feet of GLA located in the Baltimore, Los Angeles and Northern California markets for an aggregate purchase price of $89.0 million, excluding transactions costs.

•	We acquired approximately 72.4 acres of land for development located in the Miami and Southern California markets, for an aggregate purchase price of $50.9 million, excluding transaction costs.

•	We closed on a portfolio sale of nine industrial properties comprising approximately 0.2 million square feet of GLA for gross sales proceeds of $26.5 million.

•	We entered into distribution agreements with certain sales agents to sell up to 14 million shares of our common stock, for up to $500 million aggregate gross sales proceeds, from time to time in “at-the-market” (“ATM”) offerings, which replaced our prior ATM program launched in 2017.

•	We declared a first quarter cash dividend of $0.25 per common share or Unit per quarter, an increase of 8.7% from the 2019 quarterly rate.

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(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.

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•	decrease in accounts payable, accrued expenses, other liabilities, rents received in advance and security deposits, as well as a decrease in tenant accounts receivable, prepaid expenses and other assets due to timing of cash payments and cash receipts;

•	severance expense of $0.9 million; offset by:

•	increase in NOI from same store properties, acquired properties and recently developed properties of $10.9 million offset by a decrease in NOI due to the disposition of real estate of $5.1 million.

•	an aggregate increase of $136.3 million related to the acquisition and development of real estate as well as payments for improvements and leasing commissions in 2020 as compared to 2019; offset by:

•	increase of $16.2 million in net proceeds received from the disposition of real estate in 2020 as compared to 2019; and

•	increase of $4.1 million related to a decrease in certain escrow balances.

•	increase in net proceeds from the Unsecured Credit Facility of $60.0 million in 2020 compared to 2019; and

•	decrease in repayments of Mortgage Loans Payable of $72.5 million in 2020 compared to 2019.

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•	reduced economic activity may severely impact our tenants' businesses, financial condition and liquidity and may cause certain of our tenants to be unable to meet their obligations to us in full, or at all, or to otherwise seek modifications of such obligations and/or terminate their leases early or not renew;

•	the pandemic, or future pandemic, could cause further delays to or halting of construction activities related to our ongoing development and redevelopment projects, as well as tenant improvements;

•	a difficulty in accessing the capital and lending markets (or a significant increase in the costs of doing so), impacts to our credit ratings, or a severe disruption or instability in the global financial markets, or deteriorations in credit and financing conditions, may affect our access to capital necessary to fund business operations or address maturing debt obligations on a timely basis;

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the financial impact of the pandemic, or a future pandemic, could negatively impact our future compliance with financial covenants of our Unsecured Credit Facility and other debt agreements and result in a default and potentially an acceleration of indebtedness, and such non-compliance could negatively impact our ability to make additional borrowings under our Unsecured Credit Facility and pay dividends;

•	any impairment in value of our tangible or intangible assets which could be recorded as a result of weaker economic conditions;

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•	a general decline in business activity and demand for real estate transactions could adversely affect our ability to sell or purchase properties;

•	we could experience an inability to initiate or pursue litigation due to various court closures and/or moratoriums on certain types of activities;

•	the potential negative impact on the health of our personnel, particularly if a significant number of them are impacted, could result in a deterioration in our ability to ensure business continuity during this disruption, or a future disruption, and may negatively impact our disclosure controls and procedures over financial reporting.

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