0000921825-23-000053 | 10-Q | XBRL Viewer | First Industrial Realty Trust INC

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, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Numerator:
Net Income Available to Common Stockholders / Unitholders and Participating Securities	$ 75,012	$ 123,888	$ 185,615	$ 277,137
Net Income Allocable to Participating Securities	(74)	(124)	(174)	(258)
Net Income Available to Common Stockholders / Unitholders	$ 74,938	$ 123,764	$ 185,441	$ 276,879
Denominator:
Weighted Average Shares / Units - Basic	132,264	132,092	132,241	131,986
Performance Units (See Note 9) / Performance Units and certain Performance RLP Units (See Note 6)	75	84	84	71
Weighted Average Shares / Units - Diluted	132,339	132,176	132,325	132,057
Earnings Per Share/Unit, Basic [Abstract]
Net Income Available to Common Stockholders / Unitholders - Basic	$ 0.57	$ 0.94	$ 1.40	$ 2.10
Earnings Per Share/Unit, Diluted [Abstract]
Net Income Available to Common Stockholders / Unitholders - Diluted	$ 0.57	$ 0.94	$ 1.40	$ 2.10
First Industrial, L.P.
Numerator:
Net Income Available to Common Stockholders / Unitholders and Participating Securities	$ 76,917	$ 126,789	$ 190,334	$ 283,313
Net Income Allocable to Participating Securities	(199)	(307)	(478)	(664)
Net Income Available to Common Stockholders / Unitholders	$ 76,718	$ 126,482	$ 189,856	$ 282,649
Denominator:
Weighted Average Shares / Units - Basic	134,704	134,282	134,697	134,212
Performance Units (See Note 9) / Performance Units and certain Performance RLP Units (See Note 6)	462	479	517	404
Weighted Average Shares / Units - Diluted	135,166	134,761	135,214	134,616
Earnings Per Share/Unit, Basic [Abstract]
Net Income Available to Common Stockholders / Unitholders - Basic	$ 0.57	$ 0.94	$ 1.41	$ 2.11
Earnings Per Share/Unit, Diluted [Abstract]
Net Income Available to Common Stockholders / Unitholders - Diluted	$ 0.57	$ 0.94	$ 1.40	$ 2.10

Related Party Transactions Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Related Party Transactions [Abstract]
Receivable balance due from a direct wholly-owned subsidiary	$ 9,303	$ 9,285

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of PresentationThe 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, 2022 ("2022 Form 10-K") and should be read in conjunction with such consolidated financial statements and related notes. The 2022 year end consolidated balance sheet data included in this Form 10-Q filing was derived from the audited consolidated financial statements in our 2022 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, 2022 audited consolidated financial statements included in our 2022 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, 2023 and December 31, 2022, and the reported amounts of revenues and expenses for the three and nine months ended September 30, 2023 and 2022. 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, 2023 and December 31, 2022, the results of our operations and comprehensive income for each of the three and nine months ended September 30, 2023 and 2022, and our cash flows for each of the nine months ended September 30, 2023 and 2022. All adjustments are of a normal recurring nature.
Reclassifications	Reclassifications Deferred Leasing Intangibles, Net as of December 31, 2022 have been reclassified to the Prepaid Expenses and Other Assets, Net line item and to the Accounts Payable, Accrued Expenses and Other Liabilities line item in the consolidated balance sheets to conform to the 2023 presentation.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Net Income	$ 77,139	$ 126,875	$ 194,148	$ 297,674
Mark-to-Market Gain on Derivative Instruments	7,536	24,466	12,352	41,257
Amortization of Derivative Instruments	103	103	308	308
Comprehensive Income	84,778	151,444	206,808	339,239
Comprehensive Income Attributable to Noncontrolling Interests	(2,319)	(3,555)	(8,851)	(21,501)
Comprehensive Income Attributable to Common Stockholders / Unitholders	82,459	147,889	197,957	317,738
First Industrial, L.P.
Net Income	77,139	126,875	194,148	297,674
Mark-to-Market Gain on Derivative Instruments	7,536	24,466	12,352	41,257
Amortization of Derivative Instruments	103	103	308	308
Comprehensive Income	84,778	151,444	206,808	339,239
Comprehensive Income Attributable to Noncontrolling Interests	(222)	(86)	(3,814)	(14,361)
Comprehensive Income Attributable to Common Stockholders / Unitholders	$ 84,556	$ 151,358	$ 202,994	$ 324,878

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

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+ Details

Derivatives - Additional Information (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Unsecured Credit Facility
Derivative [Line Items]
Debt Instrument, Basis Spread	0.775%
Debt Instrument, Interest Rate, Increase (Decrease)	0.10%
2021 Unsecured Term Loan
Derivative [Line Items]
Debt Instrument, Basis Spread	0.85%
Debt Instrument, Interest Rate, Increase (Decrease)	0.10%
2021 Swaps
Derivative [Line Items]
Swaps, Number of Instruments Held	3
Derivative, Notional Amount	$ 200,000
Swaps, Average Fixed Interest Rate	0.99%
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

Indebtedness - Schedule of Maturities (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Debt Disclosure [Abstract]
Remainder of 2023	$ 80
2024	335
2025	575,349
2026	200,364
2027	556,449
Thereafter	876,053
Total	$ 2,208,630

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY/ PARTNERS' CAPITAL - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings (Distributions in Excess of Accumulated 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, 2021	$ 2,248,372	$ 1,317	$ 2,376,026	$ (178,293)	$ (4,238)	$ 53,560
Beginning Balance at Dec. 31, 2021							$ 2,257,607	$ 2,175,549	$ 81,435	$ (4,331)	$ 4,954
Increase (Decrease) in Equity / Partners' Capital [Roll Forward]
Net Income	37,123			36,258		865	37,123	36,237	868		18
Other Comprehensive Income (Loss)	11,197				10,935	262	11,197			11,197
Issuance of Common Stock/Contribution of General Partner Units, Net of Issuance Costs	12,746	2	12,744				12,746	12,746
Stock Based Compensation Activity	2,721	1	(198)	(1,483)		4,401
Stock Based Compensation Activity							2,721	(1,680)	4,401
Common Stock Dividends and Unit Distributions	(39,887)			(39,009)		(878)
Unit Distributions							(39,887)	(39,009)	(878)
Conversion of Limited Partner Units to Common Stock / General Partner Units	0	0	36			(36)	0	36	(36)
Reallocation - Additional Paid-in Capital	0		12			(12)
Reallocation - Other Comprehensive Income	0				6	(6)
Contributions from Noncontrolling Interests	103					103	112				112
Distributions to Noncontrolling Interests							(40)				(40)
Ending Balance at Mar. 31, 2022	2,272,375	1,320	2,388,620	(182,527)	6,703	58,259
Ending Balance at Mar. 31, 2022							2,281,579	2,183,879	85,790	6,866	5,044
Beginning Balance at Dec. 31, 2021	2,248,372	1,317	2,376,026	(178,293)	(4,238)	53,560
Beginning Balance at Dec. 31, 2021							2,257,607	2,175,549	81,435	(4,331)	4,954
Increase (Decrease) in Equity / Partners' Capital [Roll Forward]
Net Income	297,674						297,674
Conversion of Limited Partner Units to Common Stock / General Partner Units	0	1	2,711			(2,712)	0	2,712	(2,712)
Ending Balance at Sep. 30, 2022	2,486,444	1,321	2,397,977	(19,757)	36,390	70,513
Ending Balance at Sep. 30, 2022							2,495,736	2,351,482	91,963	37,234	15,057
Beginning Balance at Mar. 31, 2022	2,272,375	1,320	2,388,620	(182,527)	6,703	58,259
Beginning Balance at Mar. 31, 2022							2,281,579	2,183,879	85,790	6,866	5,044
Increase (Decrease) in Equity / Partners' Capital [Roll Forward]
Net Income	133,676			116,991		16,685	133,676	116,969	2,450		14,257
Other Comprehensive Income (Loss)	5,799				5,665	134	5,799			5,799
Stock Based Compensation Activity	3,893	0	1,074	0		2,819
Stock Based Compensation Activity							3,893	1,074	2,819
Common Stock Dividends and Unit Distributions	(39,766)			(39,008)		(758)
Unit Distributions							(39,766)	(39,008)	(758)
Conversion of Limited Partner Units to Common Stock / General Partner Units	0	1	1,234			(1,235)	0	1,235	(1,235)
Reallocation - Additional Paid-in Capital	0		2,534			(2,534)
Reallocation - Other Comprehensive Income	0				3	(3)
Contributions from Noncontrolling Interests							1				1
Distributions to Noncontrolling Interests	(4,418)					(4,418)	(4,449)				(4,449)
Ending Balance at Jun. 30, 2022	2,371,559	1,321	2,393,462	(104,544)	12,371	68,949
Ending Balance at Jun. 30, 2022							2,380,733	2,264,149	89,066	12,665	14,853
Increase (Decrease) in Equity / Partners' Capital [Roll Forward]
Net Income	126,875			123,888		2,987	126,875	123,866	2,923		86
Other Comprehensive Income (Loss)	24,569				24,001	568	24,569			24,569
Stock Based Compensation Activity	3,584	0	1,127	0		2,457
Stock Based Compensation Activity							3,584	1,127	2,457
Common Stock Dividends and Unit Distributions	(40,143)			(39,101)		(1,042)
Unit Distributions							(40,143)	(39,101)	(1,042)
Conversion of Limited Partner Units to Common Stock / General Partner Units	0	0	1,441			(1,441)	0	1,441	(1,441)
Reallocation - Additional Paid-in Capital	0		1,947			(1,947)
Reallocation - Other Comprehensive Income	0				18	(18)
Contributions from Noncontrolling Interests							129				129
Distributions to Noncontrolling Interests							(11)				(11)
Ending Balance at Sep. 30, 2022	2,486,444	1,321	2,397,977	(19,757)	36,390	70,513
Ending Balance at Sep. 30, 2022							2,495,736	2,351,482	91,963	37,234	15,057
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	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	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	0	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	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

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues:
Lease Revenue	$ 152,517	$ 137,744	$ 448,073	$ 391,613
Joint Venture Fees	822	438	3,738	512
Other Revenue	1,766	1,571	4,940	3,190
Total Revenues	155,105	139,753	456,751	395,315
Expenses:
Property Expenses	42,559	35,775	124,498	106,050
General and Administrative	8,456	8,227	27,330	25,217
Joint Venture Development Services Expense	559	318	2,690	318
Depreciation and Other Amortization	41,146	38,332	121,508	108,712
Total Expenses	92,720	82,652	276,026	240,297
Other Income (Expense):
Gain on Sale of Real Estate	34,368	83,907	47,421	84,204
Interest Expense	(19,906)	(13,094)	(53,923)	(33,104)
Amortization of Debt Issuance Costs	(905)	(801)	(2,714)	(2,287)
Total Other Income (Expense)	13,557	70,012	(9,216)	48,813
Income from Operations Before Equity in Income (Loss) of Joint Venture and Income Tax Provision	75,942	127,113	171,509	203,831
Equity in Income (Loss) of Joint Venture	1,530	(7)	30,598	118,182
Income Tax Provision	(333)	(231)	(7,959)	(24,339)
Net Income	77,139	126,875	194,148	297,674
Less: Net Income Attributable to the Noncontrolling Interests	(2,127)	(2,987)	(8,533)	(20,537)
Net Income Available to Common Stockholders / Unitholders and Participating Securities	75,012	123,888	185,615	277,137
Net Income Allocable to Participating Securities	(74)	(124)	(174)	(258)
Net Income Available to Common Stockholders / Unitholders	$ 74,938	$ 123,764	$ 185,441	$ 276,879
Basic and Diluted Earnings Per Share / Unit:
Net Income Available to Common Stockholders / Unitholders - Basic	$ 0.57	$ 0.94	$ 1.40	$ 2.10
Net Income Available to Common Stockholders / Unitholders - Diluted	$ 0.57	$ 0.94	$ 1.40	$ 2.10
Weighted Average Shares/Units Outstanding - Basic	132,264	132,092	132,241	131,986
Weighted Average Shares/Units Outstanding - Diluted	132,339	132,176	132,325	132,057
First Industrial, L.P.
Revenues:
Lease Revenue	$ 152,517	$ 137,744	$ 448,073	$ 391,613
Joint Venture Fees	822	438	3,738	512
Other Revenue	1,766	1,571	4,940	3,190
Total Revenues	155,105	139,753	456,751	395,315
Expenses:
Property Expenses	42,559	35,775	124,498	106,050
General and Administrative	8,456	8,227	27,330	25,217
Joint Venture Development Services Expense	559	318	2,690	318
Depreciation and Other Amortization	41,146	38,332	121,508	108,712
Total Expenses	92,720	82,652	276,026	240,297
Other Income (Expense):
Gain on Sale of Real Estate	34,368	83,907	47,421	84,204
Interest Expense	(19,906)	(13,094)	(53,923)	(33,104)
Amortization of Debt Issuance Costs	(905)	(801)	(2,714)	(2,287)
Total Other Income (Expense)	13,557	70,012	(9,216)	48,813
Income from Operations Before Equity in Income (Loss) of Joint Venture and Income Tax Provision	75,942	127,113	171,509	203,831
Equity in Income (Loss) of Joint Venture	1,530	(7)	30,598	118,182
Income Tax Provision	(333)	(231)	(7,959)	(24,339)
Net Income	77,139	126,875	194,148	297,674
Less: Net Income Attributable to the Noncontrolling Interests	(222)	(86)	(3,814)	(14,361)
Net Income Available to Common Stockholders / Unitholders and Participating Securities	76,917	126,789	190,334	283,313
Net Income Allocable to Participating Securities	(199)	(307)	(478)	(664)
Net Income Available to Common Stockholders / Unitholders	$ 76,718	$ 126,482	$ 189,856	$ 282,649
Basic and Diluted Earnings Per Share / Unit:
Net Income Available to Common Stockholders / Unitholders - Basic	$ 0.57	$ 0.94	$ 1.41	$ 2.11
Net Income Available to Common Stockholders / Unitholders - Diluted	$ 0.57	$ 0.94	$ 1.40	$ 2.10
Weighted Average Shares/Units Outstanding - Basic	134,704	134,282	134,697	134,212
Weighted Average Shares/Units Outstanding - Diluted	135,166	134,761	135,214	134,616

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY / PARTNERS' CAPITAL (Parenthetical) - $ / shares	3 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022
Dividends/Distributions Per Share/Unit	$ 0.320	$ 0.320	$ 0.320	$ 0.295	$ 0.295	$ 0.295
First Industrial, L.P.
Dividends/Distributions Per Share/Unit	$ 0.320	$ 0.320	$ 0.320	$ 0.295	$ 0.295	$ 0.295

Earnings Per Share / Unit (EPS / EPU)

9 Months Ended

Sep. 30, 2023

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, 2023		Three Months Ended September 30, 2022		Nine Months Ended September 30, 2023		Nine Months Ended September 30, 2022
Numerator:
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities	$	75,012	$	123,888	$	185,615	$	277,137
Net Income Allocable to Participating Securities	(74)		(124)		(174)		(258)
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders	$	74,938	$	123,764	$	185,441	$	276,879
Denominator (In Thousands):
Weighted Average Shares - Basic	132,264		132,092		132,241		131,986
Effect of Dilutive Securities:
Performance Units (See Note 9)	75		84		84		71
Weighted Average Shares - Diluted	132,339		132,176		132,325		132,057
Basic and Diluted EPS:
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders	$	0.57	$	0.94	$	1.40	$	2.10

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


	Three Months Ended September 30, 2023		Three Months Ended September 30, 2022		Nine Months Ended September 30, 2023		Nine Months Ended September 30, 2022
Numerator:
Net Income Available to Unitholders and Participating Securities	$	76,917	$	126,789	$	190,334	$	283,313
Net Income Allocable to Participating Securities	(199)		(307)		(478)		(664)
Net Income Available to Unitholders	$	76,718	$	126,482	$	189,856	$	282,649
Denominator (In Thousands):
Weighted Average Units - Basic	134,704		134,282		134,697		134,212
Effect of Dilutive Securities:
Performance Units and certain Performance RLP Units (See Note 9)	462		479		517		404
Weighted Average Units - Diluted	135,166		134,761		135,214		134,616
Basic EPU:
Net Income Available to Unitholders	$	0.57	$	0.94	$	1.41	$	2.11
Diluted EPU:
Net Income Available to Unitholders	$	0.57	$	0.94	$	1.40	$	2.10

At September 30, 2023 and 2022, participating securities for the Company included 129,019 and 144,121, respectively, of Service Awards (see Note 9), which participate in non-forfeitable distributions. At September 30, 2023 and 2022, participating securities for the Operating Partnership included 351,796 and 337,071, 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 - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Amortization related to Service Awards and Performance Awards	$ 3,437	$ 3,584	$ 12,846	$ 12,578
Share-based Payment Arrangement, Amount Capitalized	456	$ 887	2,592	$ 3,214
Unrecognized compensation related to unvested Service Awards and Performance Awards	13,645		$ 13,645
Weighted average period of unrecognized compensation expected to be recognized			9 months 7 days
Management \| Performance Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance Awards and Service Awards Issued			44,821
Fair Value of Performance Awards and Service Awards Issued	8,054		$ 8,054
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			280,083
Management \| Service Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance Awards and Service Awards Issued			56,236
Fair Value of Performance Awards and Service Awards Issued	$ 7,948		$ 7,948
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			98,342

Indebtedness

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Indebtedness

The following table discloses certain information regarding our indebtedness:


	Outstanding Balance at				Interest Rate at September 30, 2023	Effective Interest Rate at Issuance	Maturity Date
	September 30, 2023		December 31, 2022
Mortgage Loan Payable	$	10,059	$	10,299	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	(4,241)		(4,777)
Unamortized Discounts	(48)		(52)
Senior Unsecured Notes, Net	$	994,282	$	993,742
Unsecured Term Loans, Gross
2021 Unsecured Term Loan (A)	200,000		200,000		1.81%	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	(4,540)		(5,740)
Unsecured Term Loans, Net	$	920,460	$	919,260
Unsecured Credit Facility (C)	$	275,000	$	143,000	6.18%	N/A	7/7/2025

_______________

(A) The interest rate at September 30, 2023 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 $2,315 and $3,285 as of September 30, 2023 and December 31, 2022, respectively, which are included in the line item Prepaid Expenses and Other Assets, Net.

Mortgage Loan Payable

As of September 30, 2023, mortgage loan payable is collateralized by industrial properties with a net carrying value of $31,222. We believe the Operating Partnership and the Company were in compliance with all covenants relating to our mortgage loan as of September 30, 2023.

Amendments of Unsecured Credit Facility and Unsecured Term Loan Agreements

On May 31, 2023, we amended our $750,000 revolving credit agreement (the "Unsecured Credit Facility") and our $200,000 term loan agreement (the "2021 Unsecured Term Loan") to replace LIBOR with SOFR as the benchmark interest rate. Borrowings under the Unsecured Credit Facility bear interest at SOFR, plus a 10 basis point adjustment, plus a credit spread, which is currently 77.5 basis points. Borrowings under the 2021 Unsecured Term Loan bear interest at SOFR, plus a 10 basis point adjustment, plus a credit spread, which is currently 85 basis points. The credit spreads for each debt instrument are subject to adjustment based on our leverage and investment grade rating.

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 2023	$	80
2024	335
2025	575,349
2026	200,364
2027	556,449
Thereafter	876,053
Total	$	2,208,630

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, 2023; 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, 2023 and December 31, 2022, the fair value of our indebtedness was as follows:


	September 30, 2023				December 31, 2022
	Carrying Amount (A)		Fair Value		Carrying Amount (A)		Fair Value
Mortgage Loan Payable	$	10,059	$	9,520	$	10,299	$	9,765
Senior Unsecured Notes, Net	998,523		850,483		998,519		883,444
Unsecured Term Loans	925,000		925,000		925,000		909,187
Unsecured Credit Facility	275,000		275,000		143,000		143,000
Total	$	2,208,582	$	2,060,003	$	2,076,818	$	1,945,396

_______________

(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 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.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Derivatives (Tables)

9 Months Ended

Sep. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Fair Value Measurements on Recurring Basis

The following table sets forth our financial assets 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 and are accounted for at fair value on a recurring basis as of September 30, 2023 and December 31, 2022:


			Fair Value Measurements:
Description	Fair Value at September 30, 2023		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	$	17,201	—	$	17,201	—
2022 Swaps	$	26,286	—	$	26,286	—
2022 II Swaps	$	5,645	—	$	5,645	—







	Fair Value at December 31, 2022
Derivatives designated as a hedging instrument:
Assets:
2021 Swaps	$	17,976	—	$	17,976	—
2022 Swaps	$	19,057	—	$	19,057	—
Liabilities:
2022 II Swaps	$	(253)	—	$	(253)	—

Accumulated Other Comprehensive Income - Additional Information (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Amortization to be reclassified from OCI into income	$ 410

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2023	Oct. 20, 2023
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
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	2023
Document Fiscal Period Focus	Q3
Entity Central Index Key	0000921825
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		132,274,973
First Industrial, L.P.
Entity Information [Line Items]
Document Type	10-Q
Document Period End Date	Sep. 30, 2023
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	2023
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001033128
Current Fiscal Year End Date	--12-31

Commitments and Contingencies - Additional Information (Details) $ in Thousands, ft² in Millions	Sep. 30, 2023 USD ($) ft² Property
Other Commitments [Line Items]
Number of industrial properties \| Property	434
Gross leasable area (GLA) of industrial properties \| ft²	67.2
Development Activity
Other Commitments [Line Items]
Number of industrial properties \| Property	7
Gross leasable area (GLA) of industrial properties \| ft²	2.2
Estimated total investment \| $	$ 345,000
Estimated total investment remaining to be funded \| $	$ 152,600

Derivatives - Fair Value Measurements on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
2021 Swaps
Derivatives, Fair Value [Line Items]
Hedging Instrument, Asset, Fair Value	$ 17,201	$ 17,976
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	17,201	17,976
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	26,286	19,057
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	26,286	19,057
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, Asset, Fair Value	5,645
Hedging Instrument, Liability, Fair Value		(253)
2022 Swaps II \| 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
Hedging Instrument, Liability, Fair Value		0
2022 Swaps II \| Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2)
Derivatives, Fair Value [Line Items]
Hedging Instrument, Asset, Fair Value	5,645
Hedging Instrument, Liability, Fair Value		(253)
2022 Swaps II \| Fair Value, Measurements, Recurring \| Unobservable Inputs (Level 3)
Derivatives, Fair Value [Line Items]
Hedging Instrument, Asset, Fair Value	$ 0
Hedging Instrument, Liability, Fair Value		$ 0

Investment in Real Estate - Additional Information (Details) ft² in Thousands, $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($) ft² Property
Real Estate Properties [Line Items]
Number of industrial properties	434
Gross leasable area (GLA) of industrial properties \| ft²	67,200
Acquisition Activity
Real Estate Properties [Line Items]
Number of industrial properties	2
Gross leasable area (GLA) of industrial properties \| ft²	30
Number of Land Parcels	5
Disposition Activity
Real Estate Properties [Line Items]
Number of industrial properties	4
Gross leasable area (GLA) of industrial properties \| ft²	200
Number of Land Parcels	2
Proceeds from Sale of Real Estate \| $	$ 61,443
Gain on sale of real estate \| $	$ 47,421

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, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Feb. 24, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Equity in Income (Loss) of Joint Venture	$ 1,530	$ (7)	$ 30,598	$ 118,182
Proceeds from the Issuance of Common Stock, Net of Underwriter's Discount			0	12,823
Joint Venture
Class of Stock [Line Items]
Equity in Income (Loss) of Joint Venture	196	$ 63	3,746	$ 14,294
Noncontrolling Interest in Joint Ventures	$ 6,241		$ 6,241			$ 14,018
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

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Variable Interest Entities - Summarized Balance Sheet (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Assets:
Net Investment in Real Estate	$ 4,654,098	$ 4,421,559
Operating Lease Right-of-Use Assets	24,244	24,580
Cash and Cash Equivalents	54,252	133,244
Deferred Rent Receivable	138,831	122,918
Prepaid Expenses and Other Assets, Net	231,808	224,190
Total Assets	5,151,664	4,954,322
Liabilities and Partners' Capital:
Accounts Payable, Accrued Expenses and Other Liabilities	177,289	194,031
Operating Lease Liabilities	22,019	22,266
Rents Received in Advance and Security Deposits	101,523	100,166
Total Liabilities and Equity/Partners' Capital	5,151,664	4,954,322
Other Real Estate Partnerships
Assets:
Net Investment in Real Estate	310,450	313,245
Operating Lease Right-of-Use Assets	12,933	13,000
Cash and Cash Equivalents	2,938	2,915
Deferred Rent Receivable	15,336	13,261
Prepaid Expenses and Other Assets, Net	14,284	12,919
Total Assets	355,941	355,340
Liabilities and Partners' Capital:
Accounts Payable, Accrued Expenses and Other Liabilities	11,601	18,148
Operating Lease Liabilities	10,226	10,249
Rents Received in Advance and Security Deposits	7,869	7,917
Partners' Capital	326,245	319,026
Total Liabilities and Equity/Partners' Capital	$ 355,941	$ 355,340

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net Income Available to Common Stockholders / Unitholders and Participating Securities	$ 75,012	$ 123,888	$ 185,615	$ 277,137

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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-URI https://asc.fasb.org//1943274/2147483499/205-20-50-7

Reference 35: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-28

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B

Reference 38: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 39: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

Investment in Real Estate Investment in Real Estate (Tables)

9 Months Ended

Sep. 30, 2023

Real Estate [Abstract]

Summary of Acquisition Purchase Price Allocation


Land	$	84,181
Building and Improvements	3,403
In-Place Leases	993

Below Market Leases	(1,093)
Other Assets	170

Total Purchase Price	$	87,654

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	$ 77,139	$ 126,875	$ 194,148	$ 297,674
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Depreciation			96,808	88,286
Amortization of Debt Issuance Costs	905	801	2,714	2,287
Other Amortization, Including Equity Based Compensation			25,136	24,779
Equity in Income of Joint Venture	(1,530)	7	(30,598)	(118,182)
Distributions from the Joint Venture			6,584	118,027
Gain on Sale of Real Estate	(34,368)	(83,907)	(47,421)	(84,204)
Straight-line Rental Income and Expense, Net			(15,891)	(16,895)
Increase in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net			(3,835)	(6,917)
Increase in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits			12,799	41,167
Net Cash Provided by Operating Activities			240,444	346,022
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions of Real Estate			(93,504)	(272,508)
Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs			(280,536)	(384,004)
Net Proceeds from Sales of Investments in Real Estate			58,440	122,516
Contributions to and Investments in Joint Venture			(10,060)	(2,798)
Distributions from the Joint Venture			0	29,363
Decrease (Increase) in Escrow Deposits and Other Investing Activity			2,780	(4,036)
Net Cash Used in Investing Activities			(322,880)	(511,467)
CASH FLOWS FROM FINANCING ACTIVITIES:
Financing and Equity Issuance Costs			(9)	(5,060)
Proceeds from the Issuance of Common Stock, Net of Underwriter's Discount			0	12,823
Tax Paid on Vested Equity Compensation			(2,510)	(2,942)
Common Stock Dividends and Unit Distributions Paid			(126,148)	(115,619)
Contributions from Noncontrolling Interests			0	103
Distributions to Noncontrolling Interests			(11,523)	(4,418)
Repayments on Mortgage Loans Payable			(240)	(69,387)
Proceeds from Unsecured Term Loans			0	165,000
Proceeds from Unsecured Credit Facility			278,000	600,000
Repayments on Unsecured Credit Facility			(146,000)	(322,000)
Net Cash (Used in) Provided by Financing Activities			(8,430)	258,500
Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash			(90,866)	93,055
Cash, Cash Equivalents and Restricted Cash, Beginning of Year			145,118	58,780
Cash, Cash Equivalents and Restricted Cash, End of Period	54,252	151,835	54,252	151,835
SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS:
Interest Expense Capitalized in Connection with Development Activity and Joint Venture Investment			11,013	12,551
Cash Paid for Operating Lease Liabilities			2,501	2,571
Supplemental Schedule of Non-Cash Operating Activities:
Operating Lease Liabilities Arising from Obtaining Right-of-Use Assets			661	366
Supplemental Schedule of Non-Cash Investing and Financing Activities:
Dividends and Distributions Payable	44,329	40,794	44,329	40,794
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			351	2,085
Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate			66,855	112,739
Tenant Improvements Funded by Tenant			3,366	1,680
Write-off of Fully Depreciated Assets			(21,557)	(28,686)
Noncontrolling Interests
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	2,127	2,987
Exchange of Limited Partnership Units for Common Stock/General Partnership Units:
Conversion of Limited Partner Units to Common Stock / General Partner Units	(396)	(1,441)	(1,060)	(2,712)
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	0	1
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	396	1,441	1,060	2,711
First Industrial, L.P.
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	77,139	126,875	194,148	297,674
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Depreciation			96,808	88,286
Amortization of Debt Issuance Costs	905	801	2,714	2,287
Other Amortization, Including Equity Based Compensation			25,136	24,779
Equity in Income of Joint Venture	(1,530)	7	(30,598)	(118,182)
Distributions from the Joint Venture			6,584	118,027
Gain on Sale of Real Estate	(34,368)	(83,907)	(47,421)	(84,204)
Straight-line Rental Income and Expense, Net			(15,891)	(16,895)
Increase in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net			(3,851)	(6,974)
Increase in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits			12,799	41,167
Net Cash Provided by Operating Activities			240,428	345,965
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions of Real Estate			(93,504)	(272,508)
Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs			(280,536)	(384,004)
Net Proceeds from Sales of Investments in Real Estate			58,440	122,516
Contributions to and Investments in Joint Venture			(10,060)	(2,798)
Distributions from the Joint Venture			0	29,363
Decrease (Increase) in Escrow Deposits and Other Investing Activity			2,780	(4,036)
Net Cash Used in Investing Activities			(322,880)	(511,467)
CASH FLOWS FROM FINANCING ACTIVITIES:
Financing and Equity Issuance Costs			(9)	(5,060)
Proceeds from the Issuance of Common Stock, Net of Underwriter's Discount			0	12,823
Tax Paid on Vested Equity Compensation			(2,510)	(2,942)
Common Stock Dividends and Unit Distributions Paid			(126,148)	(115,619)
Contributions from Noncontrolling Interests			27	242
Distributions to Noncontrolling Interests			(11,534)	(4,500)
Repayments on Mortgage Loans Payable			(240)	(69,387)
Proceeds from Unsecured Term Loans			0	165,000
Proceeds from Unsecured Credit Facility			278,000	600,000
Repayments on Unsecured Credit Facility			(146,000)	(322,000)
Net Cash (Used in) Provided by Financing Activities			(8,414)	258,557
Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash			(90,866)	93,055
Cash, Cash Equivalents and Restricted Cash, Beginning of Year			145,118	58,780
Cash, Cash Equivalents and Restricted Cash, End of Period	54,252	151,835	54,252	151,835
SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS:
Interest Expense Capitalized in Connection with Development Activity and Joint Venture Investment			11,013	12,551
Cash Paid for Operating Lease Liabilities			2,501	2,571
Supplemental Schedule of Non-Cash Operating Activities:
Operating Lease Liabilities Arising from Obtaining Right-of-Use Assets			661	366
Supplemental Schedule of Non-Cash Investing and Financing Activities:
Dividends and Distributions Payable	44,329	40,794	44,329	40,794
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			351	2,085
Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate			66,855	112,739
Tenant Improvements Funded by Tenant			3,366	1,680
Write-off of Fully Depreciated Assets			(21,557)	(28,686)
First Industrial, L.P. \| Limited Partner Units
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	1,931	2,923
Exchange of Limited Partnership Units for Common Stock/General Partnership Units:
Conversion of Limited Partner Units to Common Stock / General Partner Units	(396)	(1,441)	(1,060)	(2,712)
First Industrial, L.P. \| General Partner Units
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	74,986	123,866
Exchange of Limited Partnership Units for Common Stock/General Partnership Units:
Conversion of Limited Partner Units to Common Stock / General Partner Units	$ 396	$ 1,441	$ 1,060	$ 2,712

Investment in Real Estate Investment in Real Estate - Summary of Purchase Price Allocation (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Real Estate [Line Items]
Land	$ 1,734,634	$ 1,646,179
Buildings and Improvements	3,673,618	$ 3,442,957
Acquisition Activity
Real Estate [Line Items]
Land	84,181
Buildings and Improvements	3,403
Other Assets	170
Purchase price of industrial properties and land parcels acquired	87,654
Acquisition Activity \| In-Place Leases
Real Estate [Line Items]
Acquired finite lived intangible assets, fair value	993
Acquisition Activity \| Below Market Leases
Real Estate [Line Items]
Acquired finite lived intangible liabilities, fair value	$ (1,093)

Variable Interest Entities - Additional Information (Details) $ in Thousands, ft² in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($) ft² Property	Sep. 30, 2022 USD ($) Property	Sep. 30, 2023 USD ($) ft² Property	Sep. 30, 2022 USD ($) Property	Dec. 31, 2022 USD ($)
Variable Interest Entity [Line Items]
Joint Venture Development Services Expense	$ 559	$ 318	$ 2,690	$ 318
Lease Revenue	$ 152,517	$ 137,744	$ 448,073	391,613
Number of Real Estate Properties \| Property	434		434
Gross leasable area (GLA) of industrial properties owned \| ft²	67.2		67.2
Net Investment in Real Estate	$ 4,654,098		$ 4,654,098		$ 4,421,559
Joint Venture
Variable Interest Entity [Line Items]
Equity Method Investment, Ownership Percentage	43.00%		43.00%
Equity Method Investment, Partner's Interest Percentage	6.00%		6.00%
Asset Management Fees			$ 4,693	699
Asset Management Fees Deferred			955	187
Joint Venture Development Services Expense			2,690	318
Receivable Balance Due From The Joint Venture	$ 122		122		34
Net Income of the Joint Venture			44,334	176,169
Lease Revenue			3,283
Equity Method Investment, Realized Gain (Loss) on Disposal			$ 40,283	$ 176,281
Number of Acres \| Property	31	391	31	391
Economic Share of Lease Revenue on Joint Venture Sale			$ 1,609
Economic Share of Gain (Loss) on Joint Venture Sale			19,739	$ 86,378
Incentive Fees			$ 8,903	$ 32,276
Number of Real Estate Properties \| Property	3		3
Gross leasable area (GLA) of industrial properties owned \| ft²	1.8		1.8
Construction Loan					$ 149,514
Construction Loan Outstanding Balance	$ 79,741		$ 79,741
Unamortized Debt Issuance Expense	845		845
Net Investment in Real Estate	$ 210,300		$ 210,300

Organization - Additional Information (Details) ft² in Millions	9 Months Ended
	Sep. 30, 2023 ft² Property State
Organization [Line Items]
Number of industrial properties \| Property	434
Number of states in which industrial properties are located \| State	18
Gross leasable area (GLA) of industrial properties owned \| ft²	67.2
Ownership
Organization [Line Items]
Company's ownership interest	97.50%
Limited partners' ownership interest in the Operating Partnership	2.50%
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%

Indebtedness (Tables)

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Summary of Indebtedness

The following table discloses certain information regarding our indebtedness:


	Outstanding Balance at				Interest Rate at September 30, 2023	Effective Interest Rate at Issuance	Maturity Date
	September 30, 2023		December 31, 2022
Mortgage Loan Payable	$	10,059	$	10,299	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	(4,241)		(4,777)
Unamortized Discounts	(48)		(52)
Senior Unsecured Notes, Net	$	994,282	$	993,742
Unsecured Term Loans, Gross
2021 Unsecured Term Loan (A)	200,000		200,000		1.81%	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	(4,540)		(5,740)
Unsecured Term Loans, Net	$	920,460	$	919,260
Unsecured Credit Facility (C)	$	275,000	$	143,000	6.18%	N/A	7/7/2025

_______________

(A) The interest rate at September 30, 2023 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.

Schedule of Maturities


	Amount
Remainder of 2023	$	80
2024	335
2025	575,349
2026	200,364
2027	556,449
Thereafter	876,053
Total	$	2,208,630

Summary of Indebtedness at Estimated Fair Value

At September 30, 2023 and December 31, 2022, the fair value of our indebtedness was as follows:


	September 30, 2023				December 31, 2022
	Carrying Amount (A)		Fair Value		Carrying Amount (A)		Fair Value
Mortgage Loan Payable	$	10,059	$	9,520	$	10,299	$	9,765
Senior Unsecured Notes, Net	998,523		850,483		998,519		883,444
Unsecured Term Loans	925,000		925,000		925,000		909,187
Unsecured Credit Facility	275,000		275,000		143,000		143,000
Total	$	2,208,582	$	2,060,003	$	2,076,818	$	1,945,396

_______________

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

Related Party Transactions	9 Months Ended
Related Party Transactions	Sep. 30, 2023
Related Party Transactions [Abstract]
Related Party Transactions Disclosure [Text Block]	Related Party TransactionsAt September 30, 2023 and December 31, 2022, the Operating Partnership had receivable balances of $9,303 and $9,285, respectively, from a direct wholly-owned subsidiary of the Company. Additionally, see Note 5 for transactions with our joint venture.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2023
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, 2023, we had seven development projects totaling approximately 2.2 million square feet of GLA under construction. The estimated total investment as of September 30, 2023 is approximately $345,000. Of this amount, approximately $152,600 remains to be funded. There can be no assurance that the actual completion cost will not exceed the estimated total investment.

Organization	9 Months Ended
Organization	Sep. 30, 2023
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 97.5% ownership interest ("General Partner Units") at September 30, 2023. 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 2.5% at September 30, 2023 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, 2023, we owned 434 industrial properties located in 18 states, containing an aggregate of approximately 67.2 million square feet of gross leasable area ("GLA"). Of the 434 properties owned on a consolidated basis, none of them are directly owned by the Company.

Accumulated Other Comprehensive Income

9 Months Ended

Sep. 30, 2023

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

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, 2023:


	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, 2022	$	34,186	$	34,186	$	(774)	$	33,412
Other Comprehensive Income Before Reclassifications	27,728		27,728		(398)		27,330
Amounts Reclassified from Accumulated Other Comprehensive Income	(15,068)		(15,068)		—		(15,068)
Net Current Period Other Comprehensive Income	12,660		12,660		(398)		12,262
Balance as of September 30, 2023	$	46,846	$	46,846	$	(1,172)	$	45,674

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, 2023 and 2022:


	Amounts Reclassified from Accumulated Other Comprehensive (Income) Loss
Details about Accumulated Other Comprehensive Income Components	Three Months Ended September 30, 2023		Three Months Ended September 30, 2022		Nine Months Ended September 30, 2023		Nine Months Ended September 30, 2022		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) Payments to our Counterparties	(6,003)		(801)		(15,376)		1,472		Interest Expense

Total	$	(5,900)	$	(698)	$	(15,068)	$	1,780

The changes 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.

Derivative Instruments

9 Months Ended

Sep. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

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 fix the SOFR rate component at 0.99% and mature on February 2, 2026 (the "2021 Swaps"). During the nine months ended September 30, 2023, we amended our 2021 Unsecured Term Loan to replace LIBOR with SOFR as the benchmark interest rate. Borrowings under the 2021 Unsecured Term Loan bear interest at SOFR, plus a 10 basis point adjustment plus a credit spread which is currently 85 basis points.

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, 2023, 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.


			Fair Value Measurements:
Description	Fair Value at September 30, 2023		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	$	17,201	—	$	17,201	—
2022 Swaps	$	26,286	—	$	26,286	—
2022 II Swaps	$	5,645	—	$	5,645	—







	Fair Value at December 31, 2022
Derivatives designated as a hedging instrument:
Assets:
2021 Swaps	$	17,976	—	$	17,976	—
2022 Swaps	$	19,057	—	$	19,057	—
Liabilities:
2022 II Swaps	$	(253)	—	$	(253)	—

There was no ineffectiveness recorded on the 2021 Swaps, the 2022 Swaps or the 2022 II Swaps during the nine months ended September 30, 2023. 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.

Accumulated Other Comprehensive Income (Tables)

9 Months Ended

Sep. 30, 2023

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, 2023:


	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, 2022	$	34,186	$	34,186	$	(774)	$	33,412
Other Comprehensive Income Before Reclassifications	27,728		27,728		(398)		27,330
Amounts Reclassified from Accumulated Other Comprehensive Income	(15,068)		(15,068)		—		(15,068)
Net Current Period Other Comprehensive Income	12,660		12,660		(398)		12,262
Balance as of September 30, 2023	$	46,846	$	46,846	$	(1,172)	$	45,674

Reclassification Out of Accumulated Other Comprehensive Income


	Amounts Reclassified from Accumulated Other Comprehensive (Income) Loss
Details about Accumulated Other Comprehensive Income Components	Three Months Ended September 30, 2023		Three Months Ended September 30, 2022		Nine Months Ended September 30, 2023		Nine Months Ended September 30, 2022		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) Payments to our Counterparties	(6,003)		(801)		(15,376)		1,472		Interest Expense

Total	$	(5,900)	$	(698)	$	(15,068)	$	1,780

Variable Interest Entities

9 Months Ended

Sep. 30, 2023

Variable Interest Entities [Abstract]

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, 2023		December 31, 2022
ASSETS
Assets:
Net Investment in Real Estate	$	310,450	$	313,245


Operating Lease Right-of-Use Assets	12,933		13,000
Cash and Cash Equivalents	2,938		2,915

Deferred Rent Receivable	15,336		13,261
Prepaid Expenses and Other Assets, Net	14,284		12,919
Total Assets	$	355,941	$	355,340
LIABILITIES AND PARTNERS' CAPITAL
Liabilities:

Accounts Payable, Accrued Expenses and Other Liabilities	$	11,601	$	18,148
Operating Lease Liabilities	10,226		10,249
Rents Received in Advance and Security Deposits	7,869		7,917
Partners' Capital	326,245		319,026
Total Liabilities and Partners' Capital	$	355,941	$	355,340

Joint Venture

Through a wholly-owned TRS of the Operating Partnership, we own a 43% interest in the Joint Venture. Since we own our interest in the Joint Venture through a partnership with a third party and we hold the power to direct the activities that most significantly impact the economic performance of the partnership, we consolidate the partnership and reflect our partner's 6% interest in the Joint Venture within the financial statements (see Note 6). The Joint Venture was formed for the purpose of developing, leasing, operating and selling land located in the Phoenix, Arizona metropolitan area.

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, 2023 and 2022, we earned fees of $4,693 and $699, respectively, from the Joint Venture, related to asset management, property management and development services, of which we deferred recognition of $955 and $187, respectively, due to our economic interest in the Joint Venture. During the nine months ended September 30, 2023 and 2022, we incurred fees of $2,690 and $318, respectively, related to third-party development management services associated with the Joint Venture. At September 30, 2023 and December 31, 2022, we had a receivable from the Joint Venture of $122 and $34, respectively.

Net income of the Joint Venture for the nine months ended September 30, 2023 and 2022 was $44,334 and $176,169, respectively. Included in net income during the nine months ended September 30, 2023 was $3,283 of lease revenue as well as gain on sale of real estate of $40,283 related to the sale of approximately 31 acres of land. Our economic share of the lease revenue and gain on sale was $1,609 and $19,739, respectively. Included in net income during the nine months ended September 30, 2022 is gain on sale of real estate of $176,281 related to the sale of approximately 391 acres of land for which our economic share of the gain on sale was $86,378. For the nine months ended September 30, 2023 and 2022, we earned incentive fees of $8,903 and $32,276, respectively, from the Joint Venture, which is reflected in the Equity In Income of Joint Venture line item in the Consolidated Statements of Operations.

The Joint Venture has three buildings under development comprising an aggregate 1.8 million square feet (the "Project") at September 30, 2023. 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, 2023, the balance of the Joint Venture Loan is $79,741, excluding $845 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 $210,300 and the Joint Venture is using a third-party 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.

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Investment in Real Estate:
Land	$ 1,734,634	$ 1,646,179
Buildings and Improvements	3,673,618	3,442,957
Construction in Progress	248,085	253,903
Less: Accumulated Depreciation	(1,002,239)	(921,480)
Net Investment in Real Estate	4,654,098	4,421,559
Operating Lease Right-of-Use Assets	24,244	24,580
Cash and Cash Equivalents	54,252	133,244
Restricted Cash	0	11,874
Tenant Accounts Receivable	6,491	7,135
Investment in Joint Venture	41,940	8,822
Deferred Rent Receivable	138,831	122,918
Prepaid Expenses and Other Assets, Net	231,808	224,190
Total Assets	5,151,664	4,954,322
Indebtedness:
Mortgage Loan Payable	10,059	10,299
Senior Unsecured Notes, Net	994,282	993,742
Unsecured Term Loans, Net	920,460	919,260
Unsecured Credit Facility	275,000	143,000
Accounts Payable, Accrued Expenses and Other Liabilities	177,289	194,031
Operating Lease Liabilities	22,019	22,266
Rents Received in Advance and Security Deposits	101,523	100,166
Dividends and Distributions Payable	44,329	41,259
Total Liabilities	2,544,961	2,424,023
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 132,274,973 and 132,141,503 shares issued and outstanding)	1,323	1,321
Additional Paid-in Capital	2,407,348	2,401,334
Retained Earnings	80,856	23,131
Accumulated Other Comprehensive Income	45,674	33,412
Total First Industrial Realty Trust, Inc.'s Equity	2,535,201	2,459,198
Noncontrolling Interests	71,502	71,101
Total Equity	2,606,703	2,530,299
Total Liabilities and Equity/Partners' Capital	5,151,664	4,954,322
First Industrial, L.P.
Investment in Real Estate:
Land	1,734,634	1,646,179
Buildings and Improvements	3,673,618	3,442,957
Construction in Progress	248,085	253,903
Less: Accumulated Depreciation	(1,002,239)	(921,480)
Net Investment in Real Estate	4,654,098	4,421,559
Operating Lease Right-of-Use Assets	24,244	24,580
Cash and Cash Equivalents	54,252	133,244
Restricted Cash	0	11,874
Tenant Accounts Receivable	6,491	7,135
Investment in Joint Venture	41,940	8,822
Deferred Rent Receivable	138,831	122,918
Prepaid Expenses and Other Assets, Net	241,105	233,471
Total Assets	5,160,961	4,963,603
Indebtedness:
Mortgage Loan Payable	10,059	10,299
Senior Unsecured Notes, Net	994,282	993,742
Unsecured Term Loans, Net	920,460	919,260
Unsecured Credit Facility	275,000	143,000
Accounts Payable, Accrued Expenses and Other Liabilities	177,289	194,031
Operating Lease Liabilities	22,019	22,266
Rents Received in Advance and Security Deposits	101,523	100,166
Dividends and Distributions Payable	44,329	41,259
Total Liabilities	2,544,961	2,424,023
First Industrial Realty Trust Inc.’s Stockholders’ Equity/First Industrial, L.P.'s Partners' Capital:
General Partner Units (132,274,973 and 132,141,503 units outstanding)	2,456,472	2,395,601
Limited Partners Units (3,392,561 and 3,055,766 units outstanding)	105,597	95,015
Accumulated Other Comprehensive Income	46,846	34,186
Total First Industrial L.P.'s Partners' Capital	2,608,915	2,524,802
Noncontrolling Interests	7,085	14,778
Total Partners' Capital	2,616,000	2,539,580
Total Liabilities and Equity/Partners' Capital	$ 5,160,961	$ 4,963,603

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2023
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

Indebtedness - Additional Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	May 31, 2023	Dec. 31, 2022
2021 Unsecured Term Loan
Debt Instrument [Line Items]
Debt Instrument, Face Amount		$ 200,000
Debt Instrument, Interest Rate, Increase (Decrease)	0.10%
Debt Instrument, Basis Spread	0.85%
Unsecured Credit Facility
Debt Instrument [Line Items]
Unamortized Debt Issuance Costs	$ 2,315		$ 3,285
Line of Credit Facility, Current Borrowing Capacity		$ 750,000
Debt Instrument, Interest Rate, Increase (Decrease)	0.10%
Debt Instrument, Basis Spread	0.775%
Mortgage Loan Payable
Debt Instrument [Line Items]
Net carrying value of industrial properties collateralized by mortgage loan	$ 31,222

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

Sep. 30, 2023

Dec. 31, 2022

Accumulated Other Comprehensive Income (Changes in AOCI) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Accumulated Other Comprehensive Income [Line Items]
Beginning Balance	$ 2,530,299
Ending Balance	2,606,703
Derivative Instruments
Accumulated Other Comprehensive Income [Line Items]
Beginning Balance	34,186
Other Comprehensive Income Before Reclassifications	27,728
Amounts Reclassified from Accumulated Other Comprehensive Income	(15,068)
Net Current Period Other Comprehensive Income	12,660
Ending Balance	46,846
Comprehensive (Loss) Income Attributable to Noncontrolling Interest of the Company
Accumulated Other Comprehensive Income [Line Items]
Beginning Balance	(774)
Other Comprehensive Income Before Reclassifications	(398)
Amounts Reclassified from Accumulated Other Comprehensive Income	0
Net Current Period Other Comprehensive Income	(398)
Ending Balance	(1,172)
Accumulated Other Comprehensive Income of the Company
Accumulated Other Comprehensive Income [Line Items]
Beginning Balance	33,412
Other Comprehensive Income Before Reclassifications	27,330
Amounts Reclassified from Accumulated Other Comprehensive Income	(15,068)
Net Current Period Other Comprehensive Income	12,262
Ending Balance	45,674
First Industrial, L.P. \| Accumulated Other Comprehensive Income of the Operating Partnership
Accumulated Other Comprehensive Income [Line Items]
Beginning Balance	34,186
Other Comprehensive Income Before Reclassifications	27,728
Amounts Reclassified from Accumulated Other Comprehensive Income	(15,068)
Net Current Period Other Comprehensive Income	12,660
Ending Balance	$ 46,846

Equity of the Company and Partners' Capital of the Operating Partnership	9 Months Ended
	Sep. 30, 2023
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 a partnership with a third party. We concluded that we hold the power to direct the activities that most significantly impact the economic performance of the partnership. As a result, we consolidate the partnership and reflect the third party's interest in the partnership that invests in the Joint Venture as a Noncontrolling Interest. Our partner's share of the partnership's income was $196 and $63 for the three months ended September 30, 2023 and 2022, respectively, and $3,746 and $14,294 for the nine months ended September 30, 2023 and 2022, 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 $6,241 and $14,018 at September 30, 2023 and December 31, 2022, respectively. ATM Program On February 24, 2023, we entered into three-year distribution agreements 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, 2023, we did not issue any shares of the Company's common stock under the ATM.

Earnings Per Share / Unit (EPS / EPU) - Additional Information (Details) - shares	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Unvested Restricted Stock / Unit Awards	129,019	144,121
First Industrial, L.P.
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Unvested Restricted Stock / Unit Awards	351,796	337,071

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsWe have evaluated subsequent events through the date that the consolidated financial statements were issued, noting none.

Long-Term Compensation	9 Months Ended
Long-Term Compensation	Sep. 30, 2023
Share-Based Payment Arrangement, Noncash Expense [Abstract]
Long-Term Compensation	Long-Term Compensation Awards with Performance Measures During the nine months ended September 30, 2023, 44,821 performance units ("Performance Units") and 280,083 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 $8,054 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, 2023, 56,236 shares of restricted stock units ("Service Units") and 98,342 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 $7,948 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, 2023, 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, 2023 are amortized over two years versus three years. Outstanding Performance Awards and Service Awards We recognized $3,437 and $3,584 for the three months ended September 30, 2023 and 2022, respectively, and $12,846 and $12,578 for the nine months ended September 30, 2023 and 2022, 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 $456 and $887 for the three months ended September 30, 2023 and 2022, respectively, and $2,592 and $3,214 for the nine months ended September 30, 2023 and 2022, respectively. At September 30, 2023, we had $13,645 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 0.77 years.