$FR
FIRST INDUSTRIAL REALTY TRUST INC

2024 Q3 Form 10-Q Financial Statement

#000092182524000082 Filed on July 18, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $167.6M $164.1M
YoY Change 8.08% 7.83%
Cost Of Revenue $44.88M $43.05M
YoY Change 5.36% 8.29%
Gross Profit $122.8M $121.1M
YoY Change 9.12% 7.66%
Gross Profit Margin 73.23% 73.77%
Selling, General & Admin $9.230M $9.621M
YoY Change 8.59% 1.06%
% of Gross Profit 7.52% 7.95%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $43.52M $40.44M
YoY Change 13.91% 6.21%
% of Gross Profit 35.45% 33.39%
Operating Expenses $52.75M $52.67M
YoY Change 6.56% 5.11%
Operating Profit $70.02M $68.42M
YoY Change 11.14% 9.72%
Interest Expense -$21.36M -$21.25M
YoY Change 7.32% 13.53%
% of Operating Profit -30.5% -31.06%
Other Income/Expense, Net $35.07M -$15.90M
YoY Change 158.66% 176.57%
Pretax Income $104.9M $52.14M
YoY Change 38.1% -8.03%
Income Tax $3.301M $426.0K
% Of Pretax Income 3.15% 0.82%
Net Earnings $99.36M $51.32M
YoY Change 32.46% -5.98%
Net Earnings / Revenue 59.27% 31.27%
Basic Earnings Per Share $0.75 $0.39
Diluted Earnings Per Share $0.75 $0.39
COMMON SHARES
Basic Shares Outstanding 132.3M shares 132.3M shares
Diluted Shares Outstanding 132.4M shares 132.4M shares

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $47.12M $38.55M
YoY Change -13.22% -43.4%
Cash & Equivalents $47.12M $38.55M
Short-Term Investments
Other Short-Term Assets $206.3M $224.6M
YoY Change -10.99% -0.16%
Inventory $4.426M $27.17M
Prepaid Expenses
Receivables $5.526M $5.681M
Other Receivables $154.5M $151.7M
Total Short-Term Assets $417.9M $447.7M
YoY Change -3.13% 3.24%
LONG-TERM ASSETS
Property, Plant & Equipment $4.725B $4.702B
YoY Change 1.01% 1.8%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $49.10M $48.66M
YoY Change 17.19% 30.19%
Other Assets $8.066M $8.003M
YoY Change
Total Long-Term Assets $4.783B $4.758B
YoY Change 1.32% 2.2%
TOTAL ASSETS
Total Short-Term Assets $417.9M $447.7M
Total Long-Term Assets $4.783B $4.758B
Total Assets $5.201B $5.206B
YoY Change 0.95% 2.29%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $142.9M $124.7M
YoY Change -19.42% -28.57%
Accrued Expenses $17.65M $17.84M
YoY Change -19.76% -19.64%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $211.5M $193.2M
YoY Change -13.18% -19.86%
LONG-TERM LIABILITIES
Long-Term Debt $2.175B $2.225B
YoY Change -1.14% 1.97%
Other Long-Term Liabilities $102.4M $108.3M
YoY Change 0.91% 3.95%
Total Long-Term Liabilities $2.277B $2.334B
YoY Change -1.05% 2.06%
TOTAL LIABILITIES
Total Short-Term Liabilities $211.5M $193.2M
Total Long-Term Liabilities $2.277B $2.334B
Total Liabilities $2.489B $2.527B
YoY Change -2.21% -2.75%
SHAREHOLDERS EQUITY
Retained Earnings $199.7M $149.4M
YoY Change 147.0% 209.88%
Common Stock $1.323M $1.323M
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.632B $2.601B
YoY Change
Total Liabilities & Shareholders Equity $5.201B $5.206B
YoY Change 0.95% 2.29%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income $99.36M $51.32M
YoY Change 32.46% -5.98%
Depreciation, Depletion And Amortization $43.52M $40.44M
YoY Change 13.91% 6.21%
Cash From Operating Activities $105.5M $107.7M
YoY Change 25.12% 25.58%
INVESTING ACTIVITIES
Capital Expenditures $76.13M $58.92M
YoY Change -32.21% -63.58%
Acquisitions
YoY Change
Other Investing Activities $80.51M $6.069M
YoY Change 98.29% -59.02%
Cash From Investing Activities $4.374M -$52.85M
YoY Change -106.09% -64.04%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -101.2M -57.22M
YoY Change 283.36% -199.37%
NET CHANGE
Cash From Operating Activities 105.5M 107.7M
Cash From Investing Activities 4.374M -52.85M
Cash From Financing Activities -101.2M -57.22M
Net Change In Cash 8.641M -2.336M
YoY Change -162.17% -35.13%
FREE CASH FLOW
Cash From Operating Activities $105.5M $107.7M
Capital Expenditures $76.13M $58.92M
Free Cash Flow $29.34M $48.82M
YoY Change -204.8% -164.24%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
145118000 usd
CY2024Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
46548000 usd
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
68098000 usd
us-gaap Interest Paid Capitalized
InterestPaidCapitalized
4779000 usd
us-gaap Interest Paid Capitalized
InterestPaidCapitalized
7825000 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
1756000 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
1645000 usd
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
200000 usd
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
563000 usd
CY2024Q2 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
50658000 usd
CY2023Q2 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
44299000 usd
us-gaap Stock Issued During Period Value Conversion Of Units
StockIssuedDuringPeriodValueConversionOfUnits
0 usd
us-gaap Stock Issued During Period Value Conversion Of Units
StockIssuedDuringPeriodValueConversionOfUnits
0 usd
us-gaap Liabilities Assumed1
LiabilitiesAssumed1
131000 usd
us-gaap Liabilities Assumed1
LiabilitiesAssumed1
351000 usd
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
37861000 usd
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
71732000 usd
fr Tenant Improvements Funded By Tenant
TenantImprovementsFundedByTenant
0 usd
fr Tenant Improvements Funded By Tenant
TenantImprovementsFundedByTenant
2528000 usd
fr Write Off Of Fully Depreciated Assets
WriteOffOfFullyDepreciatedAssets
18511000 usd
fr Write Off Of Fully Depreciated Assets
WriteOffOfFullyDepreciatedAssets
16515000 usd
CY2024Q2 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
424 property
CY2024Q2 us-gaap Number Of States In Which Entity Operates
NumberOfStatesInWhichEntityOperates
19 state
CY2024Q2 us-gaap Area Of Real Estate Property
AreaOfRealEstateProperty
67900000 sqft
CY2024Q2 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
424 property
us-gaap Use Of Estimates
UseOfEstimates
<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, 2024 and December 31, 2023, and the reported amounts of revenues and expenses for the three and six months ended June 30, 2024 and 2023. Actual results could differ from those estimates. In our opinion, the accompanying unaudited interim Consolidated Financial Statements reflect all adjustments necessary for a fair statement of our financial position as of June 30, 2024 and December 31, 2023, the results of our operations and comprehensive income for each of the three and six months ended June 30, 2024 and 2023, and our cash flows for each of the six months ended June 30, 2024 and 2023. All adjustments are of a normal recurring nature.</span></div>
CY2024Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
168000 usd
CY2024Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
599349000 usd
CY2024Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
200364000 usd
CY2024Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
556449000 usd
CY2024Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
190453000 usd
CY2024Q2 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
685600000 usd
CY2024Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
2232383000 usd
CY2024Q2 us-gaap Loans Payable Fair Value Disclosure
LoansPayableFairValueDisclosure
9452000 usd
CY2023Q4 us-gaap Loans Payable Fair Value Disclosure
LoansPayableFairValueDisclosure
9666000 usd
CY2024Q2 us-gaap Notes Payable Fair Value Disclosure
NotesPayableFairValueDisclosure
899419000 usd
CY2023Q4 us-gaap Notes Payable Fair Value Disclosure
NotesPayableFairValueDisclosure
902042000 usd
CY2024Q2 us-gaap Debt Instrument Fair Value
DebtInstrumentFairValue
925000000 usd
CY2023Q4 us-gaap Debt Instrument Fair Value
DebtInstrumentFairValue
925000000 usd
CY2024Q2 us-gaap Lines Of Credit Fair Value Disclosure
LinesOfCreditFairValueDisclosure
299000000 usd
CY2023Q4 us-gaap Lines Of Credit Fair Value Disclosure
LinesOfCreditFairValueDisclosure
299000000 usd
CY2024Q2 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
2132871000 usd
CY2023Q4 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
2135708000 usd
us-gaap Derivative Instruments Gain Loss Reclassification From Accumulated Oci To Income Estimated Net Amount To Be Transferred
DerivativeInstrumentsGainLossReclassificationFromAccumulatedOCIToIncomeEstimatedNetAmountToBeTransferred
410000 usd
CY2024Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
51277000 usd
CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
54583000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
119684000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
110503000 usd
CY2024Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
132368000 shares
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
132249000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
132364000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
132230000 shares
CY2024Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
31000 shares
CY2023Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
88000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
38000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
88000 shares
CY2024Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
132399000 shares
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
132337000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
132402000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
132318000 shares
CY2024Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.39
CY2024Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.39
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.41
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.41
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.90
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.90
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.84
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.84
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
105249 shares
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
129909 shares
CY2024Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3875000 usd
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3269000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
12983000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
9409000 usd
CY2024Q2 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
289000 usd
CY2023Q2 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
430000 usd
us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
2093000 usd
us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
2136000 usd
CY2024Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
15079000 usd
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P0Y9M25D
CY2024Q2 fr Receivable Due From Affiliates
ReceivableDueFromAffiliates
9255000 usd
CY2023Q4 fr Receivable Due From Affiliates
ReceivableDueFromAffiliates
9288000 usd
CY2024Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
us-gaap Profit Loss
ProfitLoss
117009000 usd
us-gaap Interest Expense Debt Excluding Amortization
InterestExpenseDebtExcludingAmortization
42023000 usd
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-6860000 usd
us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
169000000 usd
us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
196000000 usd
us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
169000000 usd
us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
81000000 usd

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