Company: FR
Filing Date: 2025-02-14
Form Type: 10-K
Source: 0000921825-25-000019
Chunk: 645

Company: FIRST INDUSTRIAL REALTY TRUST INC
Filing Date: 2025-02-14
Form: 10-K
Item: Item 16
Chunk 645
---
 return in the form of dividends, lower costs or other economic benefits directly to investors or other owners, members or participants. Our typical acquisitions consist of properties whereby substantially all the fair value or gross assets acquired is concentrated in a single asset (land, building, construction in progress and in-place leases) and, therefore, will be accounted for as asset acquisitions, which permits the capitalization of transaction costs to the basis of the acquired property.

69

Deferred leasing intangibles, net of accumulated amortization, included in Prepaid Expenses and Other Assets, Net and Accounts Payable, Accrued Expenses and Other Liabilities on the Consolidated Balance Sheets consist of the following: December 31,2024December 31,2023In-Place Leases$14,390 $16,199 Above Market Leases2,485 2,435 Below Market Ground Lease Obligation1,371 1,417 Tenant Relationships1,065 1,467 Total Included in Prepaid Expenses and Other Assets, Net is net of $25,188 and $28,205 of Accumulated Amortization$19,311 $21,518 Below Market Leases$8,856 $11,851 Total Included in Accounts Payable, Accrued Expenses and Other Liabilities is net of $17,632 and $16,796 of Accumulated Amortization$8,856 $11,851 Amortization expense related to in-place leases and tenant relationships was $5,419, $6,735 and $6,098 for the years ended December 31, 2024, 2023 and 2022, respectively. For the years ended December 31, 2024, 2023 and 2022, lease revenue increased by $3,482, $4,430 and $2,679, respectively, related to net amortization of above and below market leases. We will recognize net amortization expense related to deferred leasing intangibles over the next five years for properties owned as of December 31, 2024 as follows: EstimatedAmortizationof In-PlaceLeases and TenantRelationshipsEstimated NetIncrease toRental RevenuesRelated toAbove and BelowMarket Leases2025$4,201 $2,492 2026$3,314 $1,635 2027$2,434 $1,048 2028$1,855 $848