$FR
FIRST INDUSTRIAL REALTY TRUST INC

2022 Q3 Form 10-Q Financial Statement

#000092182522000033 Filed on July 22, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $139.8M $130.0M $125.5M
YoY Change 15.42% 10.78% 7.96%
Cost Of Revenue $35.78M $34.86M $35.42M
YoY Change 7.12% 9.8% 6.67%
Gross Profit $104.0M $95.19M $90.10M
YoY Change 18.58% 11.14% 8.55%
Gross Profit Margin 74.4% 73.19% 71.78%
Selling, General & Admin $8.227M $8.249M $8.741M
YoY Change -4.31% -2.6% 1.64%
% of Gross Profit 7.91% 8.67% 9.7%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $38.33M $33.64M $28.16M
YoY Change 21.02% 0.74% 7.26%
% of Gross Profit 36.87% 35.34% 31.25%
Operating Expenses $46.56M $44.72M $42.65M
YoY Change 11.54% 9.3% 5.05%
Operating Profit $57.42M $50.47M $47.45M
YoY Change 24.97% 12.82% 11.9%
Interest Expense -$14.22M $107.1M -$10.41M
YoY Change 33.57% -933.32% -23.99%
% of Operating Profit -24.77% 212.22% -21.95%
Other Income/Expense, Net $70.01M -$10.81M -$10.39M
YoY Change -4096.12% -207.35% -149.43%
Pretax Income $127.1M $39.66M $37.06M
YoY Change 187.63% -27.62% -41.65%
Income Tax $231.0K $24.20M -$90.00K
% Of Pretax Income 0.18% 61.01% -0.24%
Net Earnings $123.9M $117.0M $36.26M
YoY Change 191.87% 125.26% -41.71%
Net Earnings / Revenue 88.65% 89.96% 28.89%
Basic Earnings Per Share $0.94 $0.89 $0.27
Diluted Earnings Per Share $0.94 $0.88 $0.27
COMMON SHARES
Basic Shares Outstanding 132.1M shares 132.1M shares 131.8M shares
Diluted Shares Outstanding 132.2M shares 132.1M shares 131.9M shares

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $147.3M $135.2M $44.46M
YoY Change 181.73% 143.34% -54.5%
Cash & Equivalents $147.3M $135.2M $44.46M
Short-Term Investments
Other Short-Term Assets $209.6M $184.2M $176.0M
YoY Change 36.43% 24.53% 26.09%
Inventory $297.0K
Prepaid Expenses
Receivables $5.195M $5.267M $6.319M
Other Receivables $114.3M $108.1M $103.0M
Total Short-Term Assets $476.4M $433.1M $329.8M
YoY Change 54.49% 41.9% -3.09%
LONG-TERM ASSETS
Property, Plant & Equipment $4.349B $4.198B $3.989B
YoY Change 20.79% 20.89% 20.01%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $9.452M $8.415M $37.37M
YoY Change -73.64% -76.54% -19.45%
Other Assets $4.580M $0.00 $189.0K
YoY Change -47.67% -100.0% -99.77%
Total Long-Term Assets $4.388B $4.230B $4.049B
YoY Change 19.66% 18.87% 16.47%
TOTAL ASSETS
Total Short-Term Assets $476.4M $433.1M $329.8M
Total Long-Term Assets $4.388B $4.230B $4.049B
Total Assets $4.864B $4.663B $4.379B
YoY Change 22.36% 20.69% 14.72%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $216.3M $210.0M $170.0M
YoY Change 47.4% 75.09% 80.68%
Accrued Expenses $22.01M $22.28M $22.29M
YoY Change -1.85% -1.04% -1.37%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $279.2M $272.6M $232.6M
YoY Change 35.57% 52.49% 52.23%
LONG-TERM LIABILITIES
Long-Term Debt $1.980B $1.907B $1.766B
YoY Change 23.14% 19.5% 10.78%
Other Long-Term Liabilities $118.8M $112.1M $108.2M
YoY Change 34.96% 28.27% 21.32%
Total Long-Term Liabilities $2.099B $2.019B $1.874B
YoY Change 23.75% 19.96% 11.34%
TOTAL LIABILITIES
Total Short-Term Liabilities $279.2M $272.6M $232.6M
Total Long-Term Liabilities $2.099B $2.019B $1.874B
Total Liabilities $2.378B $2.292B $2.106B
YoY Change 25.03% 23.08% 14.74%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $1.321M $1.321M $1.320M
YoY Change 1.38% 2.32% 2.25%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.416B $2.303B $2.214B
YoY Change
Total Liabilities & Shareholders Equity $4.864B $4.663B $4.379B
YoY Change 22.36% 20.69% 14.72%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income $123.9M $117.0M $36.26M
YoY Change 191.87% 125.26% -41.71%
Depreciation, Depletion And Amortization $38.33M $33.64M $28.16M
YoY Change 21.02% 0.74% 7.26%
Cash From Operating Activities $87.13M $199.0M $59.90M
YoY Change 11.78% 158.15% 44.66%
INVESTING ACTIVITIES
Capital Expenditures -$223.0M -$234.4M -$199.1M
YoY Change 55.87% 20.93% 131.46%
Acquisitions
YoY Change
Other Investing Activities $119.5M $29.54M $2.580M
YoY Change 809.66% -45.49% 206.05%
Cash From Investing Activities -$103.6M -$204.9M -$203.0M
YoY Change -20.31% 46.82% 820.22%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $12.82M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 33.02M 96.49M $129.0M
YoY Change 8.63% -379.12% -428.19%
NET CHANGE
Cash From Operating Activities 87.13M 199.0M $59.90M
Cash From Investing Activities -103.6M -204.9M -$203.0M
Cash From Financing Activities 33.02M 96.49M $129.0M
Net Change In Cash 16.60M 90.59M -$14.14M
YoY Change -176.88% -193.35% -29.18%
FREE CASH FLOW
Cash From Operating Activities $87.13M $199.0M $59.90M
Capital Expenditures -$223.0M -$234.4M -$199.1M
Free Cash Flow $310.2M $433.4M $259.0M
YoY Change 40.32% 59.97% 103.25%

Facts In Submission

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CY2021Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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us-gaap Profit Loss
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us-gaap Profit Loss
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us-gaap Depreciation
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us-gaap Depreciation
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us-gaap Amortization Of Financing Costs
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us-gaap Other Depreciation And Amortization
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us-gaap Income Loss From Equity Method Investments
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us-gaap Income Loss From Equity Method Investments
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us-gaap Increase Decrease In Operating Assets
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us-gaap Increase Decrease In Operating Assets
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us-gaap Increase Decrease In Operating Liabilities
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us-gaap Increase Decrease In Operating Liabilities
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Payments To Acquire Real Estate
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us-gaap Payments To Acquire Real Estate
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us-gaap Payments For Leasing Costs Commissions And Tenant Improvements
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us-gaap Payments For Leasing Costs Commissions And Tenant Improvements
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us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Payment Of Financing And Stock Issuance Costs
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us-gaap Payment Of Financing And Stock Issuance Costs
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us-gaap Proceeds From Issuance Of Common Stock
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us-gaap Payments Related To Tax Withholding For Share Based Compensation
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us-gaap Payments Related To Tax Withholding For Share Based Compensation
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us-gaap Payments Of Dividends Common Stock
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us-gaap Payments Of Dividends Common Stock
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us-gaap Repayments Of Secured Debt
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us-gaap Repayments Of Secured Debt
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fr Proceeds From Unsecured Term Loans
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us-gaap Proceeds From Long Term Lines Of Credit
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us-gaap Repayments Of Long Term Lines Of Credit
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us-gaap Repayments Of Long Term Lines Of Credit
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us-gaap Proceeds From Minority Shareholders
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us-gaap Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
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us-gaap Payments To Minority Shareholders
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
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135233000 usd
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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us-gaap Interest Paid Capitalized
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us-gaap Interest Paid Capitalized
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us-gaap Operating Lease Payments
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us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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us-gaap Escrow Deposit Disbursements Related To Property Acquisition1
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0 usd
us-gaap Escrow Deposit Disbursements Related To Property Acquisition1
EscrowDepositDisbursementsRelatedToPropertyAcquisition1
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us-gaap Liabilities Assumed1
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465000 usd
us-gaap Liabilities Assumed1
LiabilitiesAssumed1
3215000 usd
us-gaap Capital Expenditures Incurred But Not Yet Paid
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us-gaap Capital Expenditures Incurred But Not Yet Paid
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fr Tenant Improvements Funded By Tenant
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fr Tenant Improvements Funded By Tenant
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fr Write Off Of Fully Depreciated Assets
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13372000 usd
CY2022Q2 us-gaap Number Of Real Estate Properties
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422 property
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19 state
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64000000.0 sqft
us-gaap Use Of Estimates
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<div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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 June 30, 2022 and December 31, 2021, and the reported amounts of revenues and expenses for the three and six months ended June 30, 2022 and 2021. 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 June 30, 2022 and December 31, 2021, the results of our operations and comprehensive income for each of the three and six months ended June 30, 2022 and 2021, and our cash flows for each of the six months ended June 30, 2022 and 2021. All adjustments are of a normal recurring nature.</span></div>
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CY2022Q2 us-gaap Debt Instrument Carrying Amount
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CY2022Q2 us-gaap Debt Instrument Fair Value
DebtInstrumentFairValue
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CY2021Q4 us-gaap Debt Instrument Fair Value
DebtInstrumentFairValue
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CY2022Q2 us-gaap Lines Of Credit Fair Value Disclosure
LinesOfCreditFairValueDisclosure
282000000 usd
CY2021Q4 us-gaap Lines Of Credit Fair Value Disclosure
LinesOfCreditFairValueDisclosure
79000000 usd
CY2022Q2 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
1851579000 usd
CY2021Q4 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
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us-gaap Derivative Instruments Gain Loss Reclassification From Accumulated Oci To Income Estimated Net Amount To Be Transferred
DerivativeInstrumentsGainLossReclassificationFromAccumulatedOCIToIncomeEstimatedNetAmountToBeTransferred
410000 usd
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
116991000 usd
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NetIncomeLoss
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us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Net Income Loss
NetIncomeLoss
114134000 usd
CY2022Q2 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
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CY2021Q2 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
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us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
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134000 usd
us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
122000 usd
CY2022Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2021Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
51875000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
153115000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
114012000 usd
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
132051000 shares
CY2021Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
129098000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
131932000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
129093000 shares
CY2022Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
55000 shares
CY2021Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
89000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
65000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
86000 shares
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
132106000 shares
CY2021Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
129187000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
131997000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
129179000 shares
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.89
CY2021Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.40
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.16
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.88
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.88
CY2021Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.40
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.16
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.88
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
125920 shares
CY2021Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3451000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8994000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
7064000 usd
CY2022Q2 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
1154000 usd
CY2021Q2 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
507000 usd
us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
2327000 usd
us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
1210000 usd
CY2022Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
16404000 usd
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P0Y11M19D
CY2022Q2 us-gaap Due From Affiliates
DueFromAffiliates
9176000 usd
CY2021Q4 us-gaap Due From Affiliates
DueFromAffiliates
9239000 usd

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