Company: FR
Filing Date: 2025-02-14
Form Type: 10-K
Source: 0000921825-25-000019
Chunk: 413

Company: FIRST INDUSTRIAL REALTY TRUST INC
Filing Date: 2025-02-14
Form: 10-K
Item: Item 12
Chunk 413
---
03 is effective for annual reporting periods beginning after December 15, 2026. We are currently evaluating ASU 2024-03 to determine its impact on our financial statement disclosures.

74

3. Investment in Real Estate

AcquisitionsThe following table summarizes our acquisition of industrial properties and land parcels for the years ended December 31, 2024, 2023 and 2022. We accounted for the properties and land parcels as asset acquisitions and capitalized transaction costs to the basis of the acquired assets. The revenue and net income associated with the acquisition of the industrial properties, since their respective acquisition dates, are not significant for years ended December 31, 2024, 2023 or 2022.Year Ended December 31, 202420232022Number of Industrial Properties Acquired5 4 11 GLA (in millions)0.3 0.2 0.5 Purchase Price of Industrial Properties Acquired$44,765 $43,950 $137,126 Purchase Price of Income Producing Land Parcels Acquired (A)— — 56,525 Purchase Price of Land Parcels Acquired (B)25,924 80,554 105,486 Total Purchase Price (C)$70,689 $124,504 $299,137 (A) For the year ended December 31, 2022, includes $11,676, $1,577, $3,850 and ($4,950) allocated to building improvements/construction in progress, other assets, in-place leases and below market leases, respectively. (B) For the year ended December 31, 2023, includes $1,334 and $763 allocated to above market leases and in-place leases, respectively. (C) Purchase price excludes closing costs.The following table summarizes the fair value of amounts recognized for each major class of asset and liability for the industrial properties and land parcels acquired during the years ended December 31, 2024 and 2023:Year Ended December 31,20242023Land$42,399 $110,025 Building and Improvements/Construction in Progress24,635 10,659 Other Assets931 785 In-Place Leases3,209 3,091 Above Market Leases333 1,464 Below Market Leases(818)(1,520)Total Purchase Price$70,689 $124,504 SalesThe following table summarizes