Company: FR
Filing Date: 2025-02-14
Form Type: 10-K
Source: 0000921825-25-000019
Chunk: 321

Company: FIRST INDUSTRIAL REALTY TRUST INC
Filing Date: 2025-02-14
Form: 10-K
Item: Item 11
Chunk 321
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692 25,203 9,868 Distributions to Members(6,010)(15,103)(239,750)Net Cash Provided by (Used in) Financing Activities32,929 92,848 (222,225)Net (Decrease) Increase in Cash and Cash Equivalents(6,013)21,698 9,093 Cash and Cash Equivalents, Beginning of Period30,876 9,178 85 Cash and Cash Equivalents, End of Period$24,863 $30,876 $9,178 Supplemental Information to Statements of Cash Flows:Interest Expense Capitalized In Connection with Development$5,079 $4,537 $103 Non-Cash Investing and Financing Activities:Accrued Expenses Related to Development Expenditures$22,251 $27,294 $19,799 Accrued Expenses Related to Lease Costs$349 $1,561 $— Liabilities Arising from the Sale of Real Estate$— $1,410 $19,715 Interest Expense included in Construction Loan Payable$8,151 $3,923 $—          Debt Issuance Cost Amortization Capitalized in Connection with Development$260 $461 $192 

*Not covered by the auditor's report

The accompanying notes are an integral part of the consolidated financial statements.

98

DRI FR GLENDALE, LLC

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

DECEMBER 31, 2024 (NOT COVERED BY THE AUDITOR'S REPORT) AND 2023 (NOT COVERED BY AUDITOR'S REPORT)

($ in thousands)

1. Organization and Formation of Joint Venture

DRI FR Glendale, LLC (the “Joint Venture”) was organized on July 8, 2020 in the state of Delaware. The Joint Venture was formed to acquire 577 developable acres of real property located in Glendale, AZ and to thereafter own, hold for investment, develop, operate, lease, maintain and sell the property. FR Merit Glendale, LLC (“FR Merit”) holds a 49% membership interest and Diamond Camelback LLC (“Diamond”) holds the remaining 51% membership interest (each a “Member” and together, the “Members”). FR Merit is a partnership that FR Glendale, LLC, a wholly owned subsidiary of First Industrial, L