CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	$ 264,079	$ 295,988	$ 285,837
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Depreciation	148,936	139,202	130,427
Amortization of Debt Issuance Costs	5,033	3,646	3,626
Other Amortization, Including Equity Based Compensation	46,148	37,091	34,088
Equity in Income of Joint Venture	(34,669)	(4,295)	(32,207)
Distributions from the Joint Venture	57,579	2,945	7,400
Gain on Sale of Real Estate	(26,905)	(111,970)	(95,650)
Payments to Settle Derivative Instruments	(250)	0	0
Straight-line Rental Income and Expense, Net	(16,360)	(20,801)	(21,925)
Increase in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net	(11,309)	(710)	(2,363)
Increase (Decrease) in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits	28,981	11,392	(4,418)
Net Cash Provided by Operating Activities	461,263	352,488	304,815
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions of Real Estate	(346,451)	(73,861)	(131,057)
Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs	(283,841)	(215,565)	(361,927)
Net Proceeds from Sales of Investments in Real Estate	40,046	158,924	120,411
(Increase) Decrease in Escrow Deposits	(659)	(150)	3,877
Contributions to and Investments in Joint Venture	(4,367)	(5,729)	(12,349)
Distributions from the Joint Venture	69,497	0	0
Other Investing Activity	1,596	4,761	2,739
Net Cash Used in Investing Activities	(524,179)	(131,620)	(378,306)
CASH FLOWS FROM FINANCING ACTIVITIES:
Financing Issuance Costs	(12,416)	0	(61)
Income Taxes Paid on Vested Equity Compensation	(1,615)	(2,070)	(2,510)
Common Stock Dividends and Unit Distributions Paid	(231,220)	(193,482)	(169,368)
Distributions to Noncontrolling Interests	(9,903)	(143)	(11,523)
Repayments on Mortgage Loan Payable	(348)	(335)	(321)
Proceeds from the Issuance of Senior Unsecured Notes, Net of Underwriter's Discount	443,768	0	0
Proceeds from Unsecured Credit Facility	775,000	321,000	374,000
Repayments on Unsecured Credit Facility	(874,000)	(338,000)	(218,000)
Net Cash Provided by (Used in) Financing Activities	89,266	(213,030)	(27,783)
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash	26,350	7,838	(101,274)
Cash, Cash Equivalents and Restricted Cash, Beginning of Year	51,682	43,844	145,118
Cash, Cash Equivalents and Restricted Cash, End of Year	78,032	51,682	43,844
SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS:
Interest Paid, Net of Interest Expense Capitalized	69,043	82,871	72,881
Interest Expense Capitalized in Connection with Development Activity	12,785	8,283	13,791
Cash Paid for Operating Lease Liabilities	3,289	3,539	3,348
Supplemental Schedule of Non-Cash Operating Activities:
Operating Lease Liabilities Arising from Obtaining Right-of-Use Assets	3,210	658	941
Supplemental Schedule of Non-Cash Investing and Financing Activities:
Dividends and Distributions Payable	62,656	51,189	44,201
Exchange of Limited Partner Units for Common Stock/General Partner Units
Conversion of Limited Partner Units to Common Stock / General Partner Units	0	0	0
Assumption of Liabilities in Connection with the Acquisition of Real Estate	2,228	682	528
Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate	70,022	46,257	55,876
Improvements Funded by Tenant	9,325	1,069	3,878
Write-off of Fully Depreciated Assets	(52,861)	(33,909)	(33,529)
Noncontrolling Interests
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	16,636	8,434	11,021
Exchange of Limited Partner Units for Common Stock/General Partner Units
Conversion of Limited Partner Units to Common Stock / General Partner Units	(1,242)	(67)	(1,332)
Common Stock
Exchange of Limited Partner Units for Common Stock/General Partner Units
Conversion of Limited Partner Units to Common Stock / General Partner Units	0	0	0
Additional Paid-in Capital
Exchange of Limited Partner Units for Common Stock/General Partner Units
Conversion of Limited Partner Units to Common Stock / General Partner Units	1,242	67	1,332
First Industrial, L.P.
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	264,079	295,988	285,837
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Depreciation	148,936	139,202	130,427
Amortization of Debt Issuance Costs	5,033	3,646	3,626
Other Amortization, Including Equity Based Compensation	46,148	37,091	34,088
Equity in Income of Joint Venture	(34,669)	(4,295)	(32,207)
Distributions from the Joint Venture	57,579	2,945	7,400
Gain on Sale of Real Estate	(26,905)	(111,970)	(95,650)
Payments to Settle Derivative Instruments	(250)	0	0
Straight-line Rental Income and Expense, Net	(16,360)	(20,801)	(21,925)
Increase in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net	(11,236)	(656)	(2,365)
Increase (Decrease) in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits	28,981	11,392	(4,418)
Net Cash Provided by Operating Activities	461,336	352,542	304,813
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions of Real Estate	(346,451)	(73,861)	(131,057)
Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs	(283,841)	(215,565)	(361,927)
Net Proceeds from Sales of Investments in Real Estate	40,046	158,924	120,411
(Increase) Decrease in Escrow Deposits	(659)	(150)	3,877
Contributions to and Investments in Joint Venture	(4,367)	(5,729)	(12,349)
Distributions from the Joint Venture	69,497	0	0
Other Investing Activity	1,596	4,761	2,739
Net Cash Used in Investing Activities	(524,179)	(131,620)	(378,306)
CASH FLOWS FROM FINANCING ACTIVITIES:
Financing Issuance Costs	(12,416)	0	(61)
Income Taxes Paid on Vested Equity Compensation	(1,615)	(2,070)	(2,510)
Common Stock Dividends and Unit Distributions Paid	(231,220)	(193,482)	(169,368)
Contributions from Noncontrolling Interests	25	42	30
Distributions to Noncontrolling Interests	(10,001)	(239)	(11,551)
Repayments on Mortgage Loan Payable	(348)	(335)	(321)
Proceeds from the Issuance of Senior Unsecured Notes, Net of Underwriter's Discount	443,768	0	0
Proceeds from Unsecured Credit Facility	775,000	321,000	374,000
Repayments on Unsecured Credit Facility	(874,000)	(338,000)	(218,000)
Net Cash Provided by (Used in) Financing Activities	89,193	(213,084)	(27,781)
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash	26,350	7,838	(101,274)
Cash, Cash Equivalents and Restricted Cash, Beginning of Year	51,682	43,844	145,118
Cash, Cash Equivalents and Restricted Cash, End of Year	78,032	51,682	43,844
SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS:
Interest Paid, Net of Interest Expense Capitalized	69,043	82,871	72,881
Interest Expense Capitalized in Connection with Development Activity	12,785	8,283	13,791
Cash Paid for Operating Lease Liabilities	3,289	3,539	3,348
Supplemental Schedule of Non-Cash Operating Activities:
Operating Lease Liabilities Arising from Obtaining Right-of-Use Assets	3,210	658	941
Supplemental Schedule of Non-Cash Investing and Financing Activities:
Dividends and Distributions Payable	62,656	51,189	44,201
Exchange of Limited Partner Units for Common Stock/General Partner Units
Conversion of Limited Partner Units to Common Stock / General Partner Units	0	0	0
Assumption of Liabilities in Connection with the Acquisition of Real Estate	2,228	682	528
Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate	70,022	46,257	55,876
Improvements Funded by Tenant	9,325	1,069	3,878
Write-off of Fully Depreciated Assets	(52,861)	(33,909)	(33,529)
First Industrial, L.P. \| Limited Partner Units
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	7,602	7,898	7,073
Exchange of Limited Partner Units for Common Stock/General Partner Units
Conversion of Limited Partner Units to Common Stock / General Partner Units	(1,242)	(67)	(1,332)
First Industrial, L.P. \| General Partner Units
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	247,315	287,346	274,628
Exchange of Limited Partner Units for Common Stock/General Partner Units
Conversion of Limited Partner Units to Common Stock / General Partner Units	$ 1,242	$ 67	$ 1,332

FIRST INDUSTRIAL REALTY TRUST INC 10-K