Company: FR
Filing Date: 2025-02-14
Form Type: 10-K
Source: 0000921825-25-000019
Chunk: 676

Company: FIRST INDUSTRIAL REALTY TRUST INC
Filing Date: 2025-02-14
Form: 10-K
Item: Item 16
Chunk 676
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 the fair value to account for potential non-performance risk, including our own non-performance risk and the respective counterparty's non-performance risk. We determined that the significant inputs used to value the 2021 Swaps, the 2022 Swaps and the 2022 II Swaps fell within Level 2 of the fair value hierarchy.

13. Related Party Transactions

At December 31, 2024 and 2023, the Operating Partnership had receivable balances of $9,225 and $9,288, respectively, from a direct wholly-owned subsidiary of the Company. Additionally, see Note 5 for transactions with our joint venture.

14. Commitments and Contingencies

In the normal course of business, we are involved in legal actions arising from the ownership of our industrial properties. In our opinion, the liabilities, if any, that may ultimately result from such legal actions are not expected to have a materially adverse effect on our consolidated financial position, operations or liquidity.At December 31, 2024, we had outstanding letters of credit and performance bonds in the aggregate amount of $32,152.In conjunction with the development of industrial properties, we have entered into agreements with general contractors for the construction of industrial properties. At December 31, 2024, we had eight development projects totaling approximately 2.0 million square feet of GLA under construction. The estimated total investment associated with these properties as of December 31, 2024, is approximately $280,400 (unaudited). Of this amount, approximately $177,500 (unaudited) remains to be funded. There can be no assurance that the actual completion cost associated with these properties will not exceed the estimated total investment.

15. Subsequent Events

Subsequent to December 31, 2024, we sold two industrial buildings for a sales price of $11,860, excluding transaction costs. 

91

DRI FR GLENDALE, LLC

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

PageFINANCIAL STATEMENTSReport of Independent Auditors93Consolidated Balance Sheets95Consolidated Statements of Operations96Consolidated Statements of Changes in Members' Capital97Consolidated Statements of Cash Flows98Notes to Consolidated Financial Statements991. Organization and Formation of Joint Venture992. Summary of Significant Accounting Policies993. Investment in Real Estate1014. Indebtedness1015. Members' Equity1026. Leases1027. Related Party Transactions1028. Commitments and Cont