FIRST INDUSTRIAL REAL ESTATE TRUST: Administration’s Dialogue and Evaluation of Monetary Place and Working Outcomes (Kind 10-Q)

The next dialogue and evaluation of our monetary situation and outcomes of
operations ought to be learn together with the consolidated monetary
statements and notes thereto showing elsewhere on this Kind 10-Q. Except
acknowledged in any other case or the context in any other case requires, the phrases "we," "our" and
"us" confer with First Industrial Realty Belief, Inc. (the "Firm") and its
subsidiaries, together with First Industrial, L.P. (the "Working Partnership") and
its consolidated subsidiaries.
Ahead-Wanting Statements
The next dialogue could comprise forward-looking statements throughout the
that means of Part 27A of the Securities Act of 1933, and Part 21E of the
Securities Change Act of 1934 (the "Change Act"). We intend for such
forward-looking statements to be coated by the protected harbor provisions for
forward-looking statements contained within the Personal Securities Litigation Reform
Act of 1995. Ahead-looking statements are primarily based on sure assumptions and
describe our future plans, methods and expectations, and are usually
identifiable by use of the phrases "imagine," "anticipate," "plan," "intend,"
"anticipate," "estimate," "challenge," "search," "goal," "potential," "focus,"
"could," "will," "ought to" or comparable phrases. Though we imagine the expectations
mirrored in forward-looking statements are primarily based upon cheap assumptions,
we can provide no assurance that our expectations will probably be attained or that outcomes
won't materially differ.
Elements which might have a materially antagonistic impact on our operations and
future prospects embrace, however are usually not restricted to:
•adjustments in nationwide, worldwide, regional and native financial situations
usually and actual property markets particularly;
•adjustments in laws/regulation (together with adjustments to legal guidelines governing the
taxation of actual property funding trusts) and actions of regulatory
authorities;
•our capability to qualify and keep our standing as an actual property funding
belief;
•the provision and attractiveness of financing (together with each public and
personal capital) and adjustments in rates of interest;
•the provision and attractiveness of phrases of further debt repurchases;
•our capability to retain our credit score company rankings;
•our capability to adjust to relevant monetary covenants;
•our aggressive atmosphere;
•adjustments in provide, demand and valuation of business properties and land in
our present and potential market areas;
•our capability to determine, purchase, develop and/or handle properties on favorable
phrases;
•our capability to get rid of properties on favorable phrases;
•our capability to handle the mixing of properties we purchase;
•potential legal responsibility referring to environmental issues;
•defaults on or non-renewal of leases by our tenants;
•decreased rental charges or elevated emptiness charges;
•higher-than-expected actual property building prices and delays in improvement
or lease-up schedules;
•the uncertainty and financial impression of pandemics, epidemics or different public
well being emergencies or concern of such occasions, such because the latest outbreak of
COVID-19;
•potential pure disasters and different doubtlessly catastrophic occasions corresponding to
acts of conflict and/or terrorism;
•litigation, together with prices related to prosecuting or defending claims and
any antagonistic outcomes;
•dangers related to our investments in joint ventures, together with our lack of
sole decision-making authority; and
•different dangers and uncertainties described on this report, in Merchandise 1A, "Danger
Elements" and elsewhere in our annual report on Kind 10-Ok for the 12 months ended
December 31, 2020 in addition to these dangers and uncertainties mentioned from time
to time in our different Change Act experiences and in our different public filings with
the Securities and Change Fee (the "SEC").
We warning you to not place undue reliance on forward-looking statements, which
mirror our outlook solely and converse solely as of the date of this report. We assume
no obligation to replace or complement forward-looking statements.

                                       30
--------------------------------------------------------------------------------

Common

The Firm is a self-administered and absolutely built-in actual property firm
which owns, manages, acquires, sells, develops and redevelops industrial actual
property. The Firm is a Maryland company organized on August 10, 1993 and a
actual property funding belief ("REIT") as outlined within the Inside Income Code of
1986 (the "Code"). As of September 30, 2021, we owned 423 industrial properties
positioned in 20 states, containing an combination of roughly 62.1 million
sq. ft of gross leasable space ("GLA"). Of the 423 properties owned on a
consolidated foundation, none of them are immediately owned by the Firm.
We started operations on July 1, 1994. The Firm's operations are performed
primarily via the Working Partnership, of which the Firm is the only
common accomplice (the "Common Associate"), with an approximate 97.8% possession
curiosity ("Common Associate Models") at September 30, 2021. The Working
Partnership additionally conducts operations via a number of different restricted partnerships
(the "Different Actual Property Partnerships"), quite a few restricted legal responsibility corporations
("LLCs") and sure taxable REIT subsidiaries ("TRSs"), the working knowledge of
which, along with that of the Working Partnership, is consolidated with
that of the Firm as introduced herein. The Working Partnership holds at
least a 99% restricted partnership curiosity in every of the Different Actual Property
Partnerships. The final companions of the Different Actual Property Partnerships are
separate companies, wholly-owned by the Firm, every with not less than a .01%
common partnership curiosity within the Different Actual Property Partnerships. The Firm
doesn't have any vital property or liabilities aside from its funding in
the Working Partnership and its 100% possession curiosity within the common
companions of the Different Actual Property Partnerships. The noncontrolling curiosity in
the Working Partnership of roughly 2.2% at September 30, 2021 represents
the mixture partnership curiosity held by the restricted companions thereof
("Restricted Associate Models" and along with the Common Associate Models, the
"Models").
We additionally personal fairness pursuits in, and supply varied companies to, two joint
ventures (the "Joint Ventures"), every via a wholly-owned TRS of the
Working Partnership. The Joint Ventures are every accounted for beneath the
fairness technique of accounting. The working knowledge of the Joint Ventures shouldn't be
consolidated with that of the Working Partnership or the Firm as introduced
herein. One of many Joint Ventures bought its remaining acres of land throughout the
9 months ended September 30, 2021.
Obtainable Data
We keep a web site at www.firstindustrial.com. Data on this web site
shall not represent a part of this Kind 10-Q. Copies of our respective annual
experiences on Kind 10-Ok, quarterly experiences on Kind 10-Q, present experiences on
Kind 8-Ok and amendments to such experiences can be found with out cost on our
web site as quickly as moderately practicable after such experiences are filed with or
furnished to the SEC. These paperwork additionally could also be accessed via the SEC's
Interactive Knowledge Digital Software through the SEC's dwelling web page on the Web
(www.sec.gov). As well as, the Firm's Company Governance Tips, Code
of Enterprise Conduct and Ethics, Audit Committee Constitution, Compensation Committee
Constitution and Nominating/Company Governance Committee Constitution, together with
supplemental monetary and working info ready by us, are all
accessible with out cost on the Firm's web site or upon request to the
Firm. Amendments to, or waivers from, our Code of Enterprise Conduct and Ethics
that apply to our govt officers or administrators may also be posted to our
web site. We additionally publish or in any other case make accessible on our web site from time to
time different info which may be of curiosity to our traders.
                                       31
--------------------------------------------------------------------------------

Administration's Overview
Enterprise Targets and Development Plans
Our elementary enterprise goal is to maximise the overall return to the
Firm's stockholders and the Working Partnership's companions via an
improve in money flows and will increase within the worth of our properties and
operations. Our long-term enterprise progress plans embrace the next components:
•Inside Development. We search to develop internally by (i) rising revenues by
renewing or re-leasing areas topic to expiring leases at increased rental
ranges; (ii) contractual lease escalations on our long-term leases;
(iii) rising occupancy ranges at properties the place vacancies exist and
sustaining occupancy elsewhere; (iv) controlling and minimizing property
working bills, common and administrative bills and releasing prices; and
(v) renovating present properties.
•Exterior Development. We search to develop externally via (i) the event of
best-in-class industrial properties; (ii) the acquisition of portfolios of
industrial properties or particular person properties which meet our funding
parameters inside our 15 goal logistics markets; (iii) the enlargement of our
properties; and (iv) potential further three way partnership investments.
•Portfolio Enhancement. We regularly search to improve our total portfolio through
new investments in addition to via the sale of choose property that we imagine do
not exhibit favorable traits for long-term money stream progress. We goal
new investments positioned in 15 logistics markets the place land is extra scarce. We
search to refine our portfolio over the approaching years by specializing in bulk and
regional warehouses properties and downsizing our share of sunshine industrial
and R&D/flex buildings.
Our capability to pursue our long-term progress plans is affected by market
situations and our monetary situation and working capabilities.
Enterprise Methods
We make the most of the next methods in reference to the operation of our
enterprise:
•Organizational Technique. We implement our decentralized property operations
technique via the deployment of skilled regional administration groups and
native property managers. We offer acquisition, improvement and financing
help, asset administration oversight and monetary reporting features from
our headquarters in Chicago, Illinois to assist our regional operations. We
imagine the scale of our portfolio permits us to understand working efficiencies
by spreading overhead amongst many properties and by negotiating buying
reductions.
•Market Technique. Our market technique is to focus on the highest 15 industrial
actual property markets in the USA. These markets have a number of of the
following traits: (i) favorable industrial actual property fundamentals,
together with bettering industrial demand and constrained provide that may result in
long-term lease progress; (ii) favorable financial and enterprise environments that
ought to profit from will increase in distribution exercise pushed by progress in
world commerce and native consumption; (iii) inhabitants progress because it usually
drives industrial demand; (iv) pure boundaries to entry and shortage of land
that are key components in delivering future lease progress; and (v) ample measurement
to offer ample alternative for progress via incremental investments as nicely
as supply asset liquidity.
•Leasing and Advertising Technique. We have now an operational administration technique
designed to reinforce tenant satisfaction and portfolio efficiency. We pursue an
lively leasing technique, which incorporates broadly advertising accessible area,
looking for to resume present leases at increased rents per sq. foot and looking for
leases which offer for the pass-through of property-related bills to the
tenant. We even have native and nationwide advertising packages which concentrate on the
enterprise and actual property brokerage communities and multi-national tenants.
•Acquisition/Improvement Technique. Our funding technique is primarily targeted
on growing and buying industrial properties within the high 15 key logistics
markets with a coastal orientation in the USA via the deployment
of skilled regional administration groups. When evaluating potential industrial
property acquisitions and developments, we think about such elements as: (i) the
geographic space and kind of property; (ii) the situation, building high quality,
situation and design of the property; (iii) the phrases of tenant leases,
together with the potential for lease will increase; (iv) the potential for financial
progress and the overall enterprise, tax and regulatory atmosphere of the world in
which the property is positioned; (v) the occupancy and demand by tenants for
properties of an identical sort within the neighborhood; (vi) competitors from present
properties and the potential for the development of recent properties within the space;
(vii) the potential for capital appreciation of the property; (viii) the flexibility
to enhance
                                       32
--------------------------------------------------------------------------------

the property's efficiency via renovation; and (ix) the potential for
enlargement of the bodily structure of the property and/or the variety of websites.
•Disposition Technique. We regularly consider native market situations and
property-related elements in all of our markets for functions of figuring out
property appropriate for disposition. We glance to promote property we imagine have decrease
lease progress potential and redeploy the capital into property we imagine have
increased lease progress potential in key logistics markets. We additionally search to scale back
our share of our holdings of sunshine industrial and R&D/flex property over
time.
•Financing Technique. To finance acquisitions, developments and debt maturities,
as market situations allow, we could make the most of a portion of proceeds from property
gross sales, unsecured debt choices, time period loans, mortgage financings and borrowings
beneath our $750.0 million unsecured revolving credit score settlement (the "Unsecured
Credit score Facility"), and proceeds from the issuance, when and as warranted, of
further fairness securities. We additionally consider three way partnership preparations as
further sources of capital to finance acquisitions and developments.

                                       33
--------------------------------------------------------------------------------

Abstract of the 9 Months Ended September 30, 2021
Regardless of the COVID-19 pandemic, our working outcomes remained sturdy throughout the
9 months ended September, 30 2021. Our quarter finish in-service occupancy was
97.1%, which is a 140 foundation level improve in comparison with our in-service occupancy
at December 31, 2020. Additionally, throughout the 9 months ended September 30, 2021, we
grew money rental charges by 15.9% on new and renewal leases (22.8% throughout the
third quarter). After resuming speculative improvement within the fourth quarter of
2020, we began 13 further speculative buildings and one build-to-suit
constructing comprising, within the combination, 5.0 million sq. ft of GLA throughout the
9 months ended September 30, 2021. We continued to place ourselves for
future improvement exercise by buying land positioned in our goal markets.
Though the impression of COVID-19 pandemic has had an total minimal impression on us
in 2020 and thus far in 2021, we can not predict the long run impression it might have on
our enterprise, future monetary situation and working outcomes.
In the course of the 9 months ended September 30, 2021, we accomplished the next
vital actual property actions:
•We acquired 4 industrial properties comprised of roughly 0.2 million
sq. ft of GLA positioned within the Central Florida, Denver and Northern
California markets for an combination buy value of $38.7 million, excluding
transactions prices.
•We acquired roughly 455.8 acres of land for improvement positioned within the
Central Pennsylvania, Denver, Inland Empire, Northern California, Philadelphia
and Phoenix markets, for an combination buy value of $177.7 million,
excluding transaction prices.
•We commenced speculative improvement of 13 industrial buildings and one
build-to-suit facility totaling 5.0 million sq. ft of GLA in our Central
Florida, Central Pennsylvania, Dallas, Denver, Inland Empire, Miami, Nashville,
Phoenix and Seattle markets.
•We bought 12 industrial properties and 7 industrial condominium items
comprising roughly 1.7 million sq. ft of GLA and one land parcel for
product sales proceeds of $118.6 million.
•One of many Joint Ventures bought its remaining 138 acres (for which the Firm
was the purchaser and such land buy is included above) for a sale value of
$31.8 million. Moreover, we netted our share of acquire on sale and incentive
charges of $10.2 million towards the premise of the land.
Our vital financing actions throughout the 9 months ended September 30,
2021 had been:
•We amended and restated our Unsecured Line of Credit score which prolonged the
maturity date to July 7, 2025 and elevated our borrowing capability to $750.0
million. The present credit score unfold is 32.5 foundation factors decrease than the unfold on
the prior facility.
•We additionally amended and restated our $200.0 million 2020 Unsecured Time period Mortgage,
extending the maturity date to July 7, 2026 and rising the extra
borrowing capability doubtlessly accessible to incremental borrowings of $260.0
million if, topic to sure situations, we train the accordion function of
this unsecured time period mortgage. The present credit score unfold is 65 foundation factors decrease
than the the unfold on the 2020 Unsecured Time period Mortgage.
•We paid off $57.9 million in mortgage loans payable, rising the proportion
of our actual property that's unencumbered to 95.7% at September 30, 2021.
•We issued 1,076,955 shares of our widespread inventory, via "at-the-market" ("ATM")
choices, leading to web proceeds of $59.0 million.
•We declared first, second and third quarter money dividends of $0.27 per widespread
share or Unit per quarter, a rise of 8.0% from the 2020 quarterly fee.
•At September 30, 2021, we had $670.7 million accessible for added
borrowings beneath our Unsecured Credit score Facility and money and money equivalents of
$52.3 million.

                                       34
--------------------------------------------------------------------------------

Outcomes of Operations
The tables beneath summarize our revenues, property bills and depreciation and
different amortization by varied classes for the three and 9 months ended
September 30, 2021 and 2020. Similar retailer properties are properties owned previous to
January 1, 2020 and held as an in-service property via September 30, 2021
and developments and redevelopments that had been positioned in service previous to
January 1, 2020. Properties that are not less than 75% occupied at acquisition are
positioned in service, until we anticipate tenant move-outs inside two years of
possession would drop occupancy beneath 75%. Acquisitions which might be lower than 75%
occupied on the date of acquisition and developments and redevelopments are
positioned in service as they attain the sooner of a) stabilized occupancy (outlined
as 90% occupied), or b) one 12 months subsequent to acquisition or
improvement/redevelopment building completion. Acquired properties with
occupancy better than 75% at acquisition, however with tenants that we anticipate
will transfer out inside two years of possession, will probably be positioned in service upon the
earlier of reaching 90% occupancy or twelve months after transfer out. Properties
are moved from the identical retailer classification to the redevelopment classification
when capital expenditures for a challenge are estimated to exceed 25% of the
undepreciated gross e book worth of the property. Acquired properties are
properties that had been acquired subsequent to December 31, 2019 and held as an
working property via September 30, 2021. Bought properties are properties
that had been bought subsequent to December 31, 2019. Developments and redevelopments
(collectively known as "(Re)Developments") embrace (re)developments that
weren't: a) considerably full 12 months previous to January 1, 2020; or
b) stabilized previous to January 1, 2020. Different revenues are derived from the
operations of properties not positioned in service beneath one of many classes
mentioned above, the operations of our upkeep firm and different
miscellaneous revenues. Different property bills are derived from the operations
of properties not positioned in service beneath one of many classes mentioned above,
the operations of our upkeep firm, vacant land bills and different
miscellaneous regional bills.
Our future monetary situation and outcomes of operations, together with rental
revenues, could also be impacted by the long run acquisition, (re)improvement and sale of
properties. Our future revenues and bills could differ materially from historic
charges.
                                       35
--------------------------------------------------------------------------------

Comparability of 9 Months Ended September 30, 2021 to 9 Months Ended
September 30, 2020
Our web revenue was $160.2 million and $114.7 million for the 9 months ended
September 30, 2021 and 2020, respectively.
For the 9 months ended September 30, 2021 and 2020, the typical day by day
occupancy fee of our identical retailer properties was 96.4% and 96.8%, respectively.
                               9 Months Ended September 30,
                                     2021                     2020         $ Change      % Change
                                                       ($ in 000's)
REVENUES
Similar Retailer Properties   $        319,312                   $ 301,755      $ 17,557          5.8  %
Acquired Properties               10,438                       2,223         8,215        369.5  %
Bought Properties                    3,056                      17,367       (14,311)       (82.4) %
(Re)Developments                  17,601                       5,181        12,420        239.7  %
Different                              4,332                       9,213        (4,881)       (53.0) %

Complete Revenues          $        354,739                   $ 335,739      $ 19,000          5.7  %


Revenues from identical retailer properties elevated $17.6 million primarily attributable to an
improve in rental charges and tenant recoveries and a lower in reserves taken
on tenant accounts receivable, offset by a lower in occupancy and last
insurance coverage settlement proceeds of $1.1 million acquired and recorded in 2020 as
income associated to a property that was destroyed by fireplace in 2016. Revenues from
acquired properties elevated $8.2 million as a result of 12 industrial properties
acquired subsequent to December 31, 2019 totaling roughly 1.8 million
sq. ft of GLA. Revenues from bought properties decreased $14.3 million attributable to
the 41 industrial properties bought subsequent to December 31, 2019 totaling
roughly 3.6 million sq. ft of GLA in addition to a lease we reclassified
from an working lease to a sales-type lease in 2019, for which the sale of
such property subsequently closed in 2020. Revenues from (re)developments
elevated $12.4 million attributable to a rise in occupancy. Revenues from different
decreased $4.9 million primarily attributable to last insurance coverage settlement proceeds of
$5.4 million acquired and recorded in 2020 as income associated to a property that
was destroyed by fireplace in 2017, offset by revenues associated to acquisitions of
partially occupied properties throughout 2019 that weren't but stabilized at
December 31, 2019 and due to this fact are usually not but included in the identical retailer pool.
                                  9 Months Ended September 30,
                                        2021                      2020        $ Change      % Change
                                                         ($ in 000's)
PROPERTY EXPENSES
Similar Retailer Properties     $         82,629                     $ 74,354      $  8,275         11.1  %
Acquired Properties                  2,114                          537         1,577        293.7  %
Bought Properties                        356                        3,554        (3,198)       (90.0) %
(Re)Developments                     5,070                        2,599         2,471         95.1  %
Different                                8,217                        6,443         1,774         27.5  %

Complete Property Bills   $         98,386                     $ 87,487      $ 10,899         12.5  %



Property bills embrace actual property taxes, repairs and upkeep, property
administration, utilities, insurance coverage and different property associated bills. Property
bills from identical retailer properties elevated $8.3 million primarily attributable to an
improve in actual property tax expense, snow removing prices and restore and
upkeep prices. Property bills from acquired properties elevated $1.6
million attributable to properties acquired subsequent to December 31, 2019. Property
bills from bought properties (together with bills associated to the lease
reclassified as a sales-type lease) decreased $3.2 million attributable to properties
bought subsequent to December 31, 2019. Property bills from (re)developments
elevated $2.5 million primarily as a result of substantial completion of
developments. Property bills from different elevated $1.8 million primarily due
to a rise in sure miscellaneous bills.
                                       36
--------------------------------------------------------------------------------

Common and administrative expense elevated by $0.7 million, or 2.6%, primarily
attributable to a rise in compensation, offset by severance and regional wind-up
bills related to the closing of our Indianapolis workplace throughout the 9
months ended September 30, 2020.
                                                       9 Months Ended September
                                                                   30,
                                                          2021              2020            $ Change             % Change
                                                                                   ($ in 000's)
DEPRECIATION AND OTHER AMORTIZATION
Similar Retailer Properties                                 $  83,748          $ 87,831          $ (4,083)                  (4.6) %
Acquired Properties                                       5,328             1,462             3,866                  264.4  %
Bought Properties                                             452             3,650            (3,198)                 (87.6) %
(Re) Developments                                         6,284             2,689             3,595                  133.7  %
Company Furnishings, Fixtures and Gear and Different     1,752             1,900              (148)                  (7.8) %
Complete Depreciation and Different Amortization             $  97,564          $ 97,532          $     32                      -  %


Depreciation and different amortization from identical retailer properties decreased $4.1
million primarily attributable to accelerated depreciation and amortization acknowledged
throughout the 9 months ended September 30, 2020 attributable to the early
termination of sure tenants' leases. Depreciation and different amortization from
acquired properties elevated $3.9 million attributable to properties acquired subsequent
to December 31, 2019. Depreciation and different amortization from bought properties
decreased $3.2 million attributable to properties bought subsequent to December 31, 2019.
Depreciation and different amortization from (re)developments elevated $3.6 million
primarily attributable to a rise in depreciation and amortization associated to
accomplished developments. Depreciation from company furnishings, fixtures and
tools and different remained comparatively unchanged.
For the 9 months ended September 30, 2021, we acknowledged $66.4 million of
acquire on sale of actual property associated to the sale of 12 industrial properties and
seven industrial condominium items comprised of roughly 1.7 million sq.
ft of GLA and one land parcel. For the 9 months ended September 30, 2020,
we acknowledged $29.6 million of acquire on sale of actual property associated to the sale
of 14 industrial properties comprised of roughly 0.6 million sq. ft
of GLA.
Curiosity expense decreased by $3.5 million, or 9.2%, attributable to a rise in
capitalized curiosity of $3.1 million brought on by a rise in improvement
tasks eligible for capitalization throughout the 9 months ended September 30,
2021 as in comparison with the 9 months ended September 30, 2020, and a lower in
the weighted common rate of interest for the 9 months ended September 30, 2021
(3.52%) as in comparison with the 9 months ended September 30, 2020 (3.61%), offset
by a rise within the weighted common debt steadiness excellent for the 9
months ended September 30, 2021 ($1,615.5 million) as in comparison with the 9
months ended September 30, 2020 ($1,587.5 million).
Amortization of debt issuance prices was not vital.
Fairness in lack of Joint Ventures for each the 9 months ended September 30,
2021 and 2020 was not vital. Nonetheless, throughout the 9 months ended
September 30, 2021, we deferred $10.2 million of fairness in revenue and incentive
charges earned from the sale of the remaining 138 acres of developable land from
one of many Joint Ventures because the Firm was the purchaser of the land. This
deferral was netted towards the premise of the land acquired.
Earnings tax provision elevated by $2.1 million, or 1,975.2%, primarily attributable to an
improve in our pro-rata share of acquire from the sale of actual property in addition to
incentive charges we earned from one of many Joint Ventures. Our fairness possession in
the Joint Ventures is owned via a wholly-owned TRS. We additionally acknowledged
further revenue taxes in 2021 associated to gross sales of actual property from one other TRS
as nicely a rise in state tax expense.
                                       37
--------------------------------------------------------------------------------

Comparability of Three Months Ended September 30, 2021 to Three Months Ended
September 30, 2020
Our web revenue was $43.4 million and $36.7 million for the three months ended
September 30, 2021 and 2020, respectively.
For the three months ended September 30, 2021 and 2020, the typical day by day
occupancy fee of our identical retailer properties was 97.3% and 96.7%, respectively.
                                Three Months Ended September 30,
                                      2021                      2020         $ Change      % Change
                                                        ($ in 000's)
REVENUES
Similar Retailer Properties   $         108,420                    $ 101,210      $  7,210          7.1  %
Acquired Properties                 3,841                        1,727         2,114        122.4  %
Bought Properties                       163                        4,643        (4,480)       (96.5) %
(Re)Developments                    6,627                        1,863         4,764        255.7  %
Different                               2,031                        6,751        (4,720)       (69.9) %

Complete Revenues          $         121,082                    $ 116,194      $  4,888          4.2  %


Revenues from identical retailer properties elevated $7.2 million primarily attributable to an
improve in rental charges and tenant recoveries, a lower in reserves taken on
receivable quantities and a rise in occupancy. Revenues from acquired
properties elevated $2.1 million as a result of 12 industrial properties acquired
subsequent to December 31, 2019 totaling roughly 1.8 million sq. ft
of GLA. Revenues from bought properties decreased $4.5 million as a result of 41
industrial properties bought subsequent to December 31, 2019 totaling
roughly 3.6 million sq. ft of GLA in addition to a lease we reclassified
from an working lease to a sales-type lease in 2019, for which the sale of
such property subsequently closed in 2020. Revenues from (re)developments
elevated $4.8 million attributable to a rise in occupancy. Revenues from different
decreased $4.7 million primarily attributable to last insurance coverage settlement proceeds of
$5.4 million acquired and recorded in 2020 as income associated to a property that
was destroyed by fireplace in 2017, offset by revenues associated to acquisitions of
partially occupied properties throughout 2019 that weren't but stabilized at
December 31, 2019 and due to this fact are usually not but included in the identical retailer pool.
                                  Three Months Ended September 30,
                                         2021                      2020        $ Change      % Change
                                                          ($ in 000's)
PROPERTY EXPENSES
Similar Retailer Properties     $         27,144                      $ 26,264      $    880          3.4  %
Acquired Properties                    812                           417           395         94.7  %
Bought Properties                         24                           670          (646)       (96.4) %
(Re)Developments                     1,819                         1,010           809         80.1  %
Different                                3,597                         1,994         1,603         80.4  %

Complete Property Bills   $         33,396                      $ 30,355      $  3,041         10.0  %


Property bills embrace actual property taxes, repairs and upkeep, property
administration, utilities, insurance coverage and different property associated bills. Property
bills from identical retailer properties elevated $0.9 million primarily attributable to an
improve in actual property tax expense. Property bills from acquired properties
elevated $0.4 million attributable to properties acquired subsequent to December 31,
2019. Property bills from bought properties (together with bills associated to the
lease reclassified as a sales-type lease) decreased $0.6 million attributable to
properties bought subsequent to December 31, 2019. Property bills from
(re)developments elevated $0.8 million primarily as a result of substantial
completion of developments. Property bills from different elevated $1.6 million
primarily attributable to a rise in sure miscellaneous bills.
                                       38
--------------------------------------------------------------------------------

Common and administrative bills elevated by $ 1.1 million, or 14.9%, primarily attributable to a rise in incentive compensation.

                                                       Three Months Ended September
                                                                   30,
                                                          2021              2020            $ Change             % Change
                                                                                   ($ in 000's)
DEPRECIATION AND OTHER AMORTIZATION
Similar Retailer Properties                                 $  28,110          $ 30,617          $ (2,507)                  (8.2) %
Acquired Properties                                       2,042               924             1,118                  121.0  %
Bought Properties                                              20             1,128            (1,108)                 (98.2) %
(Re) Developments                                         2,343             1,052             1,291                  122.7  %
Company Furnishings, Fixtures and Gear and Different       628               648               (20)                  (3.1) %
Complete Depreciation and Different Amortization             $  33,143          $ 34,369          $ (1,226)                  (3.6) %


Depreciation and different amortization from identical retailer properties decreased $2.5
million primarily attributable to accelerated depreciation and amortization acknowledged
throughout the 9 months ended September 30, 2020 attributable to the early
termination of sure tenants' leases. Depreciation and different amortization from
acquired properties elevated $1.1 million attributable to properties acquired subsequent
to December 31, 2019. Depreciation and different amortization from bought properties
decreased $1.1 million attributable to properties bought subsequent to December 31, 2019.
Depreciation and different amortization from (re)developments elevated $1.3 million
primarily attributable to a rise in depreciation and amortization associated to
accomplished developments. Depreciation from company furnishings, fixtures and
tools and different remained comparatively unchanged.
For the three months ended September 30, 2021, we acknowledged $8.9 million of
acquire on sale of actual property associated to the sale of six industrial properties and
4 industrial condominium items comprised of roughly 0.2 million sq.
ft of GLA. For the three months ended September 30, 2020, we acknowledged $6.5
million of acquire on sale of actual property associated to the sale of two industrial
properties comprised of roughly 0.1 million sq. ft of GLA.
Curiosity expense decreased by $2.9 million, or 22.9%, attributable to a rise in
capitalized curiosity of $2.2 million brought on by a rise in improvement
tasks eligible for capitalization throughout the three months ended September 30,
2021 as in comparison with the three months ended September 30, 2020 and a lower in
the weighted common rate of interest for the three months ended September 30, 2021
(3.31%) as in comparison with the three months ended September 30, 2020 (3.56%), offset
by a rise within the weighted common debt steadiness excellent for the three
months ended September 30, 2021 ($1,640.0 million) as in comparison with the three
months ended September 30, 2020 ($1,604.8 million).
Amortization of debt issuance prices was not vital.
Fairness in lack of Joint Ventures for each the three months ended September 30,
2021 and 2020 was not vital.
Earnings tax provision was $0.8 million for the three months ended September 30,
2021 in comparison with an revenue tax good thing about $0.04 million for the three months
ended September 30, 2020. The rise of $0.8 million was primarily associated to
gross sales of actual property from one in every of our TRSs in addition to a rise in state tax
expense.

                                       39
--------------------------------------------------------------------------------

Leasing Exercise
The next desk offers a abstract of our commenced leases for the three and
9 months ended September 30, 2021. The desk doesn't embrace month-to-month
leases or leases with phrases lower than twelve months.
                               Variety of             Sq. Ft                                                                            Weighted               Lease Prices                 Weighted
                                Leases                Commenced              Web Hire Per               Straight Line Foundation               Common Lease            Per Sq.               Common Tenant
Three Months Ended             Commenced             (in 000's)             Sq. Foot (A)               Hire  Development (B)                  Time period (C)                Foot (D)                 Retention (E)
New Leases                          26                    465             $           8.81                               39.5  %                4.8              $      10.30                                N/A
Renewal Leases                      28                  1,408             $           7.71                               34.9  %                3.9              $       1.82                            84.7  %
Improvement / Acquisition
Leases                               6                    485             $           6.96                                   N/A                7.6                          N/A                             N/A
Complete / Weighted Common            60                  2,358             $           7.78                               36.2  %                4.8              $       3.92                            84.7  %

9 Months Ended
New Leases                          76                  2,125             $           7.16                               36.0  %                5.9              $       7.03                                N/A
Renewal Leases                      97                  5,728             $           6.31                               25.7  %                4.0              $       1.36                            76.2  %
Improvement / Acquisition
Leases                              16                  1,370             $           7.97                                   N/A                8.1                          N/A                             N/A
Complete / Weighted Common           189                  9,223             $           6.75                               28.6  %                5.1              $       2.89                            76.2  %


_______________
(A)  Web lease is the typical base lease calculated in accordance with GAAP, over
the time period of the lease.
(B)  Straight line foundation lease progress is a ratio of the change in web lease
(together with straight line lease changes) on a brand new or renewal lease in comparison with
the web lease (together with straight line lease changes) of the comparable lease.
New leases the place there have been no prior comparable leases are excluded.
(C)  The lease time period is expressed in years. Assumes no train of lease renewal
choices, if any.
(D)  Lease prices are comprised of the prices incurred or capitalized for
enhancements of vacant and renewal areas, in addition to the commissions paid and
prices capitalized for leasing transactions. Lease prices per sq. foot
symbolize the overall turnover prices anticipated to be incurred on the leases that
commenced throughout the interval and don't mirror precise expenditures for the
interval.
(E)  Represents the weighted common sq. ft of tenants renewing their
respective leases.

The next desk offers a abstract of our leases that commenced throughout the
three and 9 months ended September 30, 2021, which included lease concessions
throughout the lease time period.
                                                              Variety of
                                                               Leases                   Sq. Ft          Hire Concessions
Three Months Ended                                      With Hire Concessions           (in 000's)                 ($)
New Leases                                                         17                        344             $         882
Renewal Leases                                                      1                         45                        25
Improvement / Acquisition Leases                                    5                        416                       793
Complete                                                              23                        805             $       1,700

9 Months Ended
New Leases                                                         53                      1,741             $       3,335
Renewal Leases                                                      7                        232                       182
Improvement / Acquisition Leases                                   14                      1,201                     3,658
Complete                                                              74                      3,174             $       7,175


                                       40
--------------------------------------------------------------------------------

Liquidity and Capital Assets
At September 30, 2021, our money and money equivalents was roughly $52.3
million and restricted money was roughly $8.8 million. We additionally had
$670.7 million accessible for added borrowings beneath our Unsecured Credit score
Facility as of September 30, 2021.
We have now thought-about our short-term (via September 30, 2022) liquidity wants
and the adequacy of our estimated money stream from operations and different anticipated
liquidity sources to satisfy these wants. We have now $72.4 million in mortgage loans
payable excellent at September 30, 2021 that we anticipate paying previous to
September 30, 2022. Except these fee obligations, we imagine
that our principal short-term liquidity wants are to fund regular recurring
bills, property acquisitions, developments, renovations, expansions and different
nonrecurring capital enhancements, debt service necessities, the minimal
distributions required to take care of the Firm's REIT qualification beneath the
Code and distributions accepted by the Firm's Board of Administrators. We
anticipate that these wants will probably be met with money flows supplied by working
actions in addition to the disposition of choose property. These wants can also be
met by the issuance of different debt or fairness securities, topic to market
situations, or borrowings beneath our Unsecured Credit score Facility.
We anticipate to satisfy long-term (after September 30, 2022) liquidity necessities
corresponding to property acquisitions, developments, scheduled debt maturities, main
renovations, expansions and different nonrecurring capital enhancements via the
disposition of choose property, long-term unsecured and secured indebtedness and
the issuance of further fairness securities, topic to market situations.
Our Unsecured Credit score Facility accommodates sure monetary covenants together with
limitations on incurrence of debt and debt service protection. Our entry to
borrowings could also be restricted if we fail to satisfy any of those covenants. We imagine
that we had been in compliance with our monetary covenants as of September 30,
2021, and we anticipate that we can function in compliance with our
monetary covenants for the following twelve months.
As of October 22, 2021, we had roughly $590.6 million accessible for
further borrowings beneath our Unsecured Credit score Facility.
Our senior unsecured notes have been assigned credit score rankings from Normal &
Poor's, Moody's and Fitch Scores of BBB/Steady, Baa2/Steady and BBB/Steady,
respectively. Within the occasion of a downgrade, we imagine we might proceed to have
entry to ample capital. Nonetheless, our value of borrowing would improve and
our capability to entry sure monetary markets could also be restricted.
                                       41
--------------------------------------------------------------------------------

Money Circulation Exercise
The next desk summarizes our money stream exercise for the Firm for the
9 months ended September 30, 2021 and 2020:
                                                                 2021       

2020

                                                                    (In 

1000’s)

     Web money supplied by working actions                $ 196,437    

$ 190,139

     Web money utilized in investing actions                     (291,602)   

(274,355)

Web money (used) supplied by financing actions (43,473)

102,619

The next desk summarizes our money stream exercise for the Working partnership for the 9 months ended September 30, 2021 and 2020:

                                                            2021           

2020

                                                               (In 

1000’s)

Web money supplied by working actions                $ 196,478      $ 

190 699

Web money utilized in investing actions                     (291,602)      

(274,355)

Web money (used) from financing actions (43,514) 102,059



Adjustments in money stream for the 9 months ended September 30, 2021, in comparison with
the prior 12 months comparable interval are described as follows:
Working Actions: Money supplied by working actions elevated $6.3
million for the Firm (elevated $5.8 million for the Working Partnership),
primarily as a result of following:
•improve in NOI from identical retailer properties, acquired properties and just lately
developed properties of $25.9 million offset by a lower in NOI as a result of
disposition of actual property of $11.1 million; and
•improve in accounts payable, accrued bills, different liabilities, rents
acquired prematurely and safety deposits attributable to timing of money funds; offset
by:
•improve in tenant accounts receivable, pay as you go bills and different property due
to timing of money receipts.
Investing Actions: Money utilized in investing actions elevated $17.2 million,
primarily as a result of following:
•improve of $87.1 million associated to the acquisition and improvement of actual
property in addition to funds for enhancements and leasing commissions in 2021 as
in comparison with 2020; and
•lower of $6.5 million associated to the gathering of insurance coverage settlement
proceeds in 2020; offset by:
•improve in distributions from and a lower in contributions to our Joint
Ventures leading to a web discount of $62.8 million in 2021 as in comparison with
2020;
•lower of $8.9 million in escrow deposits; and
•improve of $4.6 million in web proceeds acquired from the disposition of actual
property in 2021 as in comparison with 2020 and assortment of a sales-type lease
receivable in 2020.
Financing Actions: Money utilized in financing actions elevated $146.1 million
for the Firm (elevated $145.6 million for the Working Partnership),
primarily as a result of following:
•lower of $300.0 million associated to the issuance of unsecured notes in a
personal placement in 2020;
•improve in repayments of mortgage loans payable of $42.4 million in 2021
in comparison with 2020;
•a lower of $19.7 million associated to web proceeds from the issuance of
1,076,955 shares of the Firm's widespread inventory beneath our ATM in 2021 as in contrast
to the web proceeds from the issuance of 1,842,281 shares of the Firm's
widespread inventory beneath our ATM in 2020; and
•improve in dividend and unit distributions of $9.4 million primarily attributable to
the Firm rising the dividend fee in 2021; offset by:
•improve in web borrowings beneath our Unsecured Credit score Facility of $232.0
million in 2021 in comparison with 2020.
                                       42
--------------------------------------------------------------------------------

Market Danger
The next dialogue about our risk-management actions consists of
"forward-looking statements" that contain danger and uncertainties. Precise outcomes
might differ materially from these projected within the forward-looking statements.
Our enterprise topics us to market danger from rates of interest, as described beneath.
Curiosity Charge Danger
The next evaluation presents the hypothetical acquire or loss in earnings, money
flows or honest worth of the monetary devices and by-product devices
that are held by us at September 30, 2021 which might be delicate to adjustments in
rates of interest. Whereas this evaluation could have some use as a benchmark, it ought to
not be seen as a forecast.
Within the regular course of enterprise, we additionally face dangers which might be both
non-financial or non-quantifiable. Such dangers principally embrace credit score danger
and authorized danger and are usually not represented within the following evaluation.
At September 30, 2021, $1,541.6 million or 95.4% of our complete debt, excluding
unamortized debt issuance prices, was fastened fee debt. As of the identical date, $74.0
million, or 4.6% of our complete debt, excluding unamortized debt issuance prices,
was variable fee debt. At December 31, 2020, our complete debt, excluding
unamortized debt issuance prices, was $1,602.7 million and 100% was fastened fee
debt. At September 30, 2021 and December 31, 2020, the fastened fee debt quantities
embrace variable fee debt that has been successfully swapped to a set fee
via the usage of by-product devices with an combination notional quantity
excellent of $460.0 million, that mitigate our publicity to our Unsecured Time period
Loans' variable rates of interest, that are primarily based on LIBOR.
The usage of by-product monetary devices permits us to handle the dangers
will increase in rates of interest would have on our earnings and money flows.
Presently, we don't enter into monetary devices for buying and selling or different
speculative functions.
For fastened fee debt, adjustments in rates of interest usually have an effect on the honest worth
of the debt, however not our earnings or money flows. Conversely, for variable fee
debt, adjustments within the base rate of interest used to calculate the all-in curiosity
fee usually don't impression the honest worth of the debt, however would have an effect on our
future earnings and money flows. The rate of interest danger and adjustments in honest
market worth of fastened fee debt usually wouldn't have a big impression on us
till we're required to refinance such debt. See Notice 4 to the Consolidated
Monetary Statements for a dialogue of the maturity dates of our varied fastened
fee debt.
Our variable fee debt is topic to danger primarily based upon prevailing market curiosity
charges. If the LIBOR charges related to our variable fee debt had been to have
elevated 10%, we estimate that our curiosity expense throughout the 9 months
ended September 30, 2021 would have elevated by roughly $0.005 million
primarily based on our common excellent floating-rate debt throughout the 9 months ended
September 30, 2021. Moreover, if weighted common rates of interest on our
weighted common fastened fee debt throughout the 9 months ended September 30, 2021
had been to have elevated by 10% attributable to refinancing, curiosity expense would have
elevated by roughly $4.3 million throughout the 9 months ended September
30, 2021.
On March 5, 2021, the Monetary Conduct Authority ("FCA") that regulates LIBOR
introduced that USD-LIBOR will not be printed after June 30, 2023. The
Various Reference Charges Committee ("ARRC") has proposed that the Secured
In a single day Financing Charge ("SOFR") is the speed that represents finest apply as
the choice to USD-LIBOR to be used in derivatives and different monetary
contracts which might be at the moment listed to USD-LIBOR. ARRC has proposed a paced
market transition plan to SOFR from USD-LIBOR and organizations are at the moment
engaged on trade vast and firm particular transition plans because it pertains to
derivatives and money markets uncovered to USD-LIBOR.
We anticipate that LIBOR will proceed to be accessible considerably in its
present kind not less than till June 30, 2023. Though lots of our LIBOR-based
obligations present for different strategies of calculating the rate of interest
payable if LIBOR shouldn't be reported, nonetheless the extent and method of any future
adjustments with respect to strategies of calculating LIBOR or changing LIBOR with
one other benchmark are unknown and not possible to foretell presently and, as
such, could end in rates of interest which might be materially increased than present
rates of interest. We're monitoring this exercise and evaluating the associated
dangers.
As of September 30, 2021, the estimated honest worth of our debt was roughly
$1,705.7 million primarily based on our estimate of the then-current market curiosity
charges.




                                       43
--------------------------------------------------------------------------------

Supplemental Earnings Measure
Traders in and trade analysts following the true property trade make the most of
funds from operations ("FFO") and web working revenue ("NOI") as supplemental
working efficiency measures of an fairness REIT. Historic value accounting for
actual property property in accordance with accounting rules usually accepted
in the USA of America ("GAAP") implicitly assumes that the worth of
actual property property diminishes predictably over time via depreciation. Since
actual property values as a substitute have traditionally risen or fallen with market
situations, many trade analysts and traders choose to complement working
outcomes that use historic value accounting with measures corresponding to FFO and NOI,
amongst others. We offer info associated to FFO and identical retailer NOI ("SS
NOI") each as a result of such trade analysts are thinking about such info,
and since our administration believes FFO and SS NOI are essential efficiency
measures. FFO and SS NOI are elements utilized by administration in measuring our
efficiency, together with for functions of figuring out the compensation of our
govt officers beneath our 2021 incentive compensation plan.
Neither FFO nor SS NOI ought to be thought-about as an alternative choice to web revenue, or
every other measures derived in accordance with GAAP. Neither FFO nor SS NOI
represents money generated from working actions in accordance with GAAP and
neither ought to be thought-about as a substitute for money stream from working
actions as a measure of our liquidity, neither is both indicative of funds
accessible for our money wants, together with our capability to make money distributions.
Funds From Operations
The Nationwide Affiliation of Actual Property Funding Trusts ("NAREIT") has
acknowledged and outlined for the true property trade a supplemental measure of
REIT working efficiency, FFO, that excludes historic value depreciation,
amongst different objects, from web revenue decided in accordance with GAAP. FFO is a
non-GAAP monetary measure. FFO is calculated by us in accordance with the
definition adopted by the Board of Governors of NAREIT and will not be comparable
to different equally titled measures of different corporations. In accordance with the
restated NAREIT definition of FFO, we calculate FFO to be equal to web revenue
accessible to First Industrial Realty Belief, Inc.'s widespread stockholders and
collaborating securities, plus depreciation and different amortization of actual
property, plus impairment of actual property, minus acquire or plus loss on sale of actual
property, web of any revenue tax provision or profit related to the sale of
actual property. We additionally exclude the identical changes from our share of web revenue
from unconsolidated joint ventures.
Administration believes that the usage of FFO accessible to widespread stockholders and
collaborating securities, mixed with web revenue (which stays the first
measure of efficiency), improves the understanding of working outcomes of
REITs among the many investing public and makes comparisons of REIT working outcomes
extra significant. Administration believes that, by excluding features or losses associated
to gross sales of actual property property, impairment of actual property property and actual property
asset depreciation and amortization, traders and analysts are in a position to determine
the working outcomes of the long-term property that kind the core of a REIT's
exercise and use these working outcomes for help in evaluating these
working outcomes between durations or to these of various corporations.
The next desk exhibits a reconciliation of web revenue accessible to widespread
stockholders and collaborating securities to the calculation of FFO accessible to
widespread stockholders and collaborating securities for the three and 9 months
ended September 30, 2021 and 2020.
                                                  Three Months Ended September 30,       9 Months Ended September 30,
                                                      2021                2020               2021                2020
                                                           (In 1000's)                         (In 1000's)
Web Earnings Obtainable to First Industrial Realty
Belief, Inc.'s Frequent Stockholders and
Taking part Securities                          $   42,446          $  35,959          $  156,580          $ 112,262
Changes:
Depreciation and Different Amortization of Actual
Property                                                32,886             34,152              96,907             96,921

Achieve on Sale of Actual Property                           (8,879)            (6,525)            (66,378)           (29,594)

Earnings Tax Provision - Allocable to Achieve on Sale
of Actual Property, together with Joint Ventures                 337                  -               1,888                  -
Noncontrolling Curiosity Share of Changes            (518)              (578)               (712)            (1,401)
Funds from Operations Obtainable to First
Industrial Realty Belief, Inc.'s Frequent
Stockholders and Taking part Securities         $   66,272          $  63,008          $  188,285          $ 178,188


                                       44
--------------------------------------------------------------------------------

Similar Retailer Web Working Earnings
SS NOI is a non-GAAP monetary measure that gives a measure of rental
operations and, as calculated by us, that doesn't consider depreciation and
amortization, common and administrative expense, curiosity expense, revenue tax
profit and expense, and fairness in revenue or loss from our joint ventures. We
outline SS NOI as revenues minus property bills corresponding to actual property taxes,
repairs and upkeep, property administration, utilities, insurance coverage and different
bills, minus the NOI of properties that aren't identical retailer properties and
minus the impression of straight-line lease, above and beneath market lease amortization
and lease termination charges. We exclude straight-line lease and above (beneath)
market lease in calculating SS NOI as a result of we imagine it offers a greater
measure of precise money foundation rental progress for a year-over-year comparability. As
so outlined, SS NOI will not be similar to identical retailer web working revenue or
comparable measures reported by different REITs that outline identical retailer properties or
NOI in another way. The key elements influencing SS NOI are occupancy ranges,
rental fee will increase or decreases and tenant recoveries will increase or decreases.
Our success relies upon largely upon our capability to lease area and to get well the
working prices related to these leases from our tenants.
The next desk exhibits a reconciliation of the identical retailer revenues and
property bills disclosed within the outcomes of operations (and reconciled to
revenues and bills mirrored on the statements of operations) to SS NOI for
the three and 9 months ended September 30, 2021 and 2020.
                                     Three Months Ended September 30,                          9 Months Ended September 30,
                                         2021                2020             % Change             2021                2020             % Change
                                              (In 1000's)                                            (In 1000's)
Similar Retailer Revenues                  $  108,420          $ 101,210                             $  319,312          $ 301,755
Similar Retailer Property Bills            (27,144)           (26,264)                               (82,629)           (74,354)
Similar Retailer Web Working Earnings
Earlier than Similar Retailer Changes        $   81,276          $  74,946              8.4%           $  236,683          $ 227,401              4.1%

Changes from the identical retailer:

Straight-line Hire                       (1,822)              (707)                                (6,202)            (3,739)
Above / Under Market Hire
Amortization                               (219)              (256)                                  (664)              (786)
Lease Termination Charges                     (159)                (1)                                  (415)              (703)

Web working revenue of the identical retailer (A) $ 79,076 $ 73,982

     6.9%           $  229,402          $ 222,173              3.3%


(A) The 9 months ended September 30, 2020 consists of $1.1 million of insurance coverage
settlement acquire associated to a constructing destroyed by fireplace in 2016. Excluding this
acquire, the % improve to Similar Retailer Web Working Earnings can be 3.7% for
the 9 months ended September 30, 2021.
Subsequent Occasions
From October 1, 2021 to October 22, 2021, we acquired three land parcels for a
buy value of $18.8 million, excluding transaction prices. As well as, we
bought 4 industrial properties for $7.3 million, excluding transaction prices.


                                       45

————————————————– ——————————-

© Edgar on-line, supply Previews

About Edith J.

Check Also

Dialogue and evaluation by the administration of WALT DISNEY CO of the monetary place and working outcomes (Type 10-Okay)

CONSOLIDATED RESULTS (in thousands and thousands, besides per share knowledge) % Change Higher 2021 2020 …